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Wildride crypto SafeMoon down 28% in 24 hours

DeFi token newbie SafeMoon has given investors a wild ride, crashing hard. A week ago it was trading close to $0.000015 but is now nearer $0.00005, 28% down in the last day.

While traders have gifted SafeMoon a massive interest spike little is known about the new entrant. US-based (it’s thought) SafeMoon claims it will ultimately reward investors by hanging onto their token rather than selling it.

Full manual control

The under-the-bonnet protocol has a number of functions backed by a development team which creates tokens manually to control circulation supply.

SafeMoon – it launched on 8 March – has also slapped a 10% tax penalty on selling. They also claim a further 5% of that tax penalty is shared with other SafeMoon owners.

There have been a number of comparisons with Dogecoin though Dogecoin appears to be somewhat stabler in comparison (though it’s relative).

Bitcoin down, SafeMoon up

The crypto twist though is that SafeMoon has seen substantial rises – SafeMoon climbed more than 900% between 16-20 April – while bitcoin has seen strong drops.

SafeMoon is bought via the Binance Chain Network but isn’t listed on bigger exchanges like Coinbase.