Safemoon has seen a further increase in trading volume by market capitalization in recent months.
The price of SafeMoon has increased by 23% in the last seven days.
The SafeMoon price has risen by 6.7% in the last 24 hours and more than 300% since mid-April. The performance of the token is due to increased buying pressure from investors eager to hold the token in their wallets and thus profit.
SafeMoon Protocol is a recently introduced decentralized finance (DeFi) token that has experienced massive buying pressure due to the growing interest in the sector.
In addition to being used in the DeFi sector, SafeMoon also plans to launch an exchange for non-fungible tokens (NFT), a development that could encourage growth in the burgeoning NFT sector. The project also aims to develop charity projects and educational decentralized applications.
Where can I buy Safemoon?
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Why is Safemoon special?
SafeMoon is a cryptocurrency similar to other DeFi coins such as Compound, Aave, Uniswap and Chainlink. However, it has one crucial difference – it encourages static farming (hodling) instead of staking with LP farms.
The creators of the coin say that the high APY LP farms no longer attract small investors. But SafeMoon makes it easy for new investors by not having to stake their coins, but holding them for a share of the rewards. In this context, investors who hold the coins in their wallets will receive half of the 10% fees incurred on each trade as a reward.
This has attracted many newcomers, as Safemoon CEO John Karony recently explained that there are now over two million SAFEMOON owners.