SafeMoon price: Is SafeMoon a safe bet amid a testing crypto market? Latest prices
Cryptocurrency: Expert on how financial system is being 'remade'
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SafeMoon has quickly risen to one of the most popular digital coins in the crypto market. SafeMoon has a market capitalisation of $2.9 billion (£2.05bn). The digital coin is worth a lot less than bitcoin or Ethereum per unit. Often the crypto market is highly volatile, with SafeMoon’s track record showing it is no exception to this market trend.
SafeMoon is one of the most unusual digital currencies available in the competitive cryptocurrency market now.
The digital currency imposes a penalty on anyone who attempts to trade their coins or tokens.
The altcoin was launched in March of this year and has already gained more than one million users.
SafeMoon’s unique feature is that it charges a 10 percent fee to anyone who sells their tokens.
Five percent of this fee is then redistributed to all other SafeMoon owners, which essentially rewards those who hang onto their tokens and disincentives selling.
The cryptocurrency market is in a state of decline, with a market-wide downturn seeing all major digital coins drop in value.
The price of bitcoin fell on Friday morning, with Ethereum and the self-professed sustainable coin Cardano tumbling in value as well.
Analysts are split on the state of the crypto market and whether some coins are entering a bear market.
Despite being down overnight, bitcoin remains remarkably stable looking at it on a week-by-week basis.
One new arrival into the market bucked the tumbling trends, shooting up by 1,000 percent in 24 hours.
The new cryptocurrency DubaiCoin recorded massive price gains in the past 24 hours.
However, most other currencies fell by around 10 percent overnight.
The sudden interest in the new crypto led to an official warning from Dubai authorities that it has no involvement with the project, despite media reports to the contrary.
The Dubai Media Office tweeted: “Dubai does not have an official cryptocurrency.”
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Within the cryptocurrency market, SafeMoon’s market dominance is around 0.16 percent.
Compared to the leading cryptocurrency bitcoin, which has a market dominance rate of 43.14 percent, this is significantly less.
SafeMoon currently ranks 202nd in the crypto market.
Most cryptocurrencies are decentralised networks based on blockchain technology, including SafeMoon.
What is the current price of SafeMoon?
The current price of SafeMoon according to CoinMarketCap is $0.000004215.
This is a drop of 14.29 percent in the price in the past 24 hours.
The volume of SafeMoon has risen by 13.94 percent in the past 24 hours.
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