SafeMoon (CCC:SAFEMOON-USD) continues to captivate investors, with SafeMoon prices up more than 100% over the last 24 hours. However, this token is far from a household name. With that in mind, what should you know about the SafeMoon token now?
To start, investors should know that SafeMoon is relatively new. In fact, the token just launched in the first quarter of 2021, and its followers are buzzing around expansion news. This means that there is relatively little information available about the token and its underlying blockchain company. InvestorPlace has rounded up some fast facts on the red-hot crypto.
Without further ado, here is what you should know as SafeMoon prices skyrocket:
- Investors should note that SafeMoon launched on March 8, 2021.
- At the time of writing, the SafeMoon token price is $0.00000578. This represents a gain of more than 108% over the last 24 hours.
- Additionally, trading volume of $48.6 million also represents a 100% increase.
- Importantly, SafeMoon says it is a decentralized finance startup that wants to address common issues found in other cryptocurrencies.
- This occurs price volatility and a tendency of some crypto investors to not hold for the long term.
- To address this, SafeMoon penalizes sellers with a 10% transaction fee. Half of this fee redistributes to the rest of the token holders.
- John Karony identifies himself as the SafeMoon CEO on Twitter, where he posts under @CptHodl.
- SafeMoon has been very active on Twitter since its launch in March 2021.
- There, it announced that it will soon make its token available on two new exchanges. Currently, investors can access it on WhiteBit, BitMart and PancakeSwap.
- Through PancakeSwap, users must first purchase BinanceCoin (CCC:BNB-USD) and then swap it.
- Investors should also note that SafeMoon is planning to launch its own SafeMoon Exchange. It says it has raised $700,000 of the $1 million it needs to do so.
What to Know About SafeMoon Right Now
So what else should you know as SafeMoon prices rise? And what makes this cryptocurrency interesting?
Right now, it appears that there is a lot for investors to take a wait-and-see approach with. SafeMoon says that in the coming quarters, it will launch its SafeMoon Exchange, roll out exchange functionality for non-fungible tokens (NFTs) and debut an educational app. In the third quarter, SafeMoon says it will start fundraising for listings on more well-known exchanges like Coinbase (NASDAQ:COIN), Binance and Kraken. Right now, one drawback is that SafeMoon tokens are not as accessible as other popular altcoins.
Another thing to note is that investors have questions around key SafeMoon information. SafeMoon has been using its social media to ask CoinMarketCap to change its token stats. CoinMarketCap lists a fully diluted market capitalization closer to $3 billion, while SafeMoon says its market cap is closer to $5 billion. As investors wait for clear information about the token, it is important to approach this red-hot crypto with caution. You can read more about analyst expectations for SafeMoon price predictions here.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.