SafeMoon Rallies 9% as Investors Hunt Next Big Meme Coin
Altcoins are in focus as cryptocurrency investors look to find the next Shiba Inu out of the group. SafeMoon is one increasingly popular and controversial altcoin. Like Shiba Inu, SafeMoon is considered a meme-coin that largely trades on social media sentiment. And like most meme coins, SafeMoon trades for fractions of a penny and can be quite volatile.
The SAFEMOON token has gained 9%-plus in the last 24 hours so far and boasts a market cap of $3 billion. Over the past week, the meme coin has more than doubled in value.
SafeMoon strikes a chord with sustainable investors for its focus on the environment. John Karony, SafeMoon CEO, has plans to build wind turbine farms, which are currently in the test phase.
1 turbine = 600watts
600watts x 10hours of wind = 6kWh
6kWh x 100 turbines = 600kWh
600kWh x 1 year = 219,000 kWh
This is the smaller turbine. The 100 mostly consists of larger ones.
— John Karony (@CptHodl) October 27, 2021
The controversy surrounding SafeMoon involves the supply. Big-league traders known as whales have been known to own enough of the supply to make investors nervous. If these whales should decide to cash out in what’s known as a “rug pull,” the other investors could be left holding the bag.
The trend appears to be that the SafeMoon whale dominance rate is not as high as it once was. One estimate suggests that the top 100 SafeMoon whales own 11% of the supply. Other estimates surmise that SafeMoon whales own 7% or 8% of the supply.
Either way, SafeMoon investors seems satisfied that token ownership is being diversified and spread across the community rather than being controlled by a few whales. Though new whales appear to be sprouting up by the day.
390,275,879,943 total tokens 📈 pic.twitter.com/DXO8Z0kIIU
— Watcher.Guru (@WatcherGuru) October 31, 2021
The SafeMoon ecosystem comprises a protocol that boasts its own native DeFi token with the same name. The three main features attached to trades include:
- Reflection, whereby “5% is reflected to all holders for passive income.”
- LP Acquisition, whereby “5% is added to a liquidity pool.”
- Burn, in which “a burn wallet receives a portion of the reflections to never be seen again.”
The SafeMoon ecosystem also extends to a soon-to-be-launched exchange that is focused on delivering “tokenomics” to the cryptocurrency industry. Shiba Inu has its own decentralized exchange (DEX) called Shiba Swap.
SafeMoon investors are also watching and waiting for a major exchange like Kraken or Binance to list their favorite meme coin. If this happens, it will bolster the profile and liquidity of the token and could be a catalyst for gains. So far it trades on Gate.io, BitMart and a few others.