Safemoon has seen its trading volume increase by market cap continue to rise over the last few months.
SafeMoon’s price has risen by 23% over the last seven days.
SafeMoon price is up by 6.7% in the last 24 hours and more than 300% up since mid-April. The token’s performance is down to increased buying pressure from investors keen to reap rewards by holding the token in their wallets.
SafeMoon Protocol is a recently launched decentralized finance (DeFi) token that has seen massive buy pressure due to the growing interest in the sector.
As well as its use in the DeFi space, SafeMoon is looking to launch a non-fungible token (NFT) exchange, a development that could add to its growth within the burgeoning NFT space. The project also aims at developing charity projects and educational decentralised applications.
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What Makes SafeMoon different?
SafeMoon is a cryptocurrency similar to other DeFi coins like Compound, Aave, Uniswap and Chainlink. However, it has one key difference- it encourages static farming (Hodling) instead of staking with LP-farms.
The coin’s creators say that the high APY LP-farms do not attract small retail investors anymore. But SafeMoon makes it easy for new investors, who do not have to stake their coins but hold for a share of the rewards. In this regard, investors who hold the coins in their wallets get half of the 10% fees attached to each trade as a reward.
This has attracted lots of newcomers, with Safemoon CEO John Karony recently stating that there are now over two million SAFEMOON holders.