A cryptocurrency is a digital or virtual currency that is secured by cryptography, and many cryptocurrencies have seen a surge in popularity in recent months. Many cryptocurrencies are decentralised networks based on blockchain technology. A new cryptocurrency known as SafeMoon is also based on blockchain technology.
What is SafeMoon?
SafeMoon is a new type of cryptocurrency, which was launched in April with the slogan “Safely to the Moon”.
According to its website, SafeMoon is not a cryptocurrency and is instead a DeFi token, a decentralised finance token.
SafeMoon rewards people who buy it and hold onto it instead of trading.
People who trade SafeMoon will face a 10 percent penalty tax fee, while five percent of the tax is then allocated to people who still own SafeMoon currency.
The SafeMoon Facebook page states: "Remember, getting to the moon takes time and the longer you hold the more tokens you pick up."
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What is Dogecoin?
SafeMoon has drawn comparisons to another type of cryptocurrency, Dogecoin, which has grown in popularity in recent months.
Dogecoin has even gained the attention of Tesla CEO and SpaceX founder, Elon Musk, who has frequently tweeted about the currency.
Musk tweeted earlier in April: “SpaceX is going to put a literal Dogecoin on the literal moon”.
The SpaceX founder also tweeted a bizarre painting on April 15 with the caption: “Doge Barking at the Moon”.
Fans of the cryptocurrency have also taken to tweeting about sending Dogecoin “to the moon”.
As of Thursday morning (GMT), according to CoinDesk the Dogecoin price was $0.288257 or £0.206962.
Dogecoin had a market cap of $37.23 billion, or £26.73 billion in GBP.
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