A new cryptocurrency, known as Safemoon, has grown an astounding 2,900% since its launch three weeks ago, with the price rising a further 27.5% in the past 24 hours. While it is still valued well below the one-dollar threshold, Safemoon currently has around 800,000 holders and a market cap of US$4.27 billion.
Technically, Safemoon is not a cryptocurrency. Instead, it is classified as a DeFi Token. ‘DeFi’ is short for ‘decentralised finance’, which is a blanket term for financial products available to access on a public decentralised blockchain network. This essentially means that it can be accessed by anyone without the middleman of banks and exchanges.