Bitcoin: Cryptocurrency's value falls sharply in 24 hour period
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SafeMoon is one of the fastest-growing cryptocurrencies available and is relatively new on the scene. It has now made a huge jump in value over the past 24 hours, as it continues its meteoric rise.
SafeMoon is an unusual type of cryptocurrency, as it punishes investors that try to withdraw or trade their coins.
It’s officially known as an altcoin; a blockchain-based digital currency.
Anybody that wants to sell their tokens faces a 10 percent charge – five percent of which is redistributed to existing SafeMoon owners.
After a staggering start to life in the crypto industry, SafeMoon hit the milestone of 1.6million holders earlier this week.
SafeMoon has only been available for a few months, but saw a staggering rise in value in the middle of April.
It jumped from $0.0000009 to $0.000014 in just five days, which certainly drew attention from potential investors.
After a slight decline in value following the initial jump, SafeMoon appears to be rising again.
Its price jumped by 45 percent over a 24-hour period on Thursday May 6, to more than $0.00000069.
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How to buy SafeMoon
You can buy SafeMoon tokens on four crypto exchanges; PancakeSwap, BitMart, WhiteBit, and Bakery Swap.
But, you’ll need to buy Binance coins and then swap them for SafeMoon afterwards.
But remember, like any other crypto, buying SafeMoon is a big risk.
It’s highly volatile, and there’s no guarantee of gaining money.
Finance experts have warned investors that SafeMoon is susceptible to “pump and dump schemes”, where the price dramatically falls.
There are a number of limitations to the crypto, and the jury is still out, according to Black Book Investments CEO, Mohit Tater.
He told Express.co.uk: “The reason why SafeMoon has caught the attention of the public is its 7,000 percent price spike, with investors boasting about turning $3,000 into $91,000 in three weeks, along with other success stories.
“SafeMoon rewards you for holding your DeFi tokens and penalises those who cash in by taking a cut of their earnings.
“This is an effort to make sure investors stay put to allow the price to rise.
“However, there are limitations as to how SafeMoon will function as a global means of exchange.
“It’s also very susceptible to pump and dump schemes at this nascent stage. It’s better to wait and watch for a bit before taking the plunge.”
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