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Highlights
- SafeMoon is gaining a lot of attention these days in the cryptocurrency market.
- The meme currency prices have witnessed an uptrend throughout October.
- Apart from major cryptos, meme currencies like Shiba Inu and Dogecoin are also experiencing increased price momentum.
SafeMoon is all prepped up to hit new highs as its price saw a massive gain of 111% in just over seven days.
Broadly speaking, meme currency SafeMoon has made remarkable progress throughout October as its prices saw an upward trend and have been rallying over by triple digits currently from the lowest open in its history since the very first day of October.
Must Read: What is SafeMoon coin? Is SafeMoon a good cryptocurrency?
The crypto is going strong. More and more buyers, both retail and institutional, are buying SafeMoon in huge numbers.
This upward trend is most likely to continue before it faces any sort of resistance and calms down.
Source: Copyright © 2021 Kalkine Media
Meme currencies on a bull run
Over the past few days, the Shiba Inu coin has taken the centre stage when compared to numerous other meme coins. Media speculations and investors’ sentiments are behind the growing clamour of the SHIB token.
Currently, Shiba Inu is priced at US$0.0000633 with a 131.78% increase over the week.
Related Read: Shiba Inu continues its astronomical surge despite the snub by Musk
Dogecoin too has been witnessing an upwards price momentum for a couple of days. It is trading at US$0.3031 with a jump of 28.22% in the last 24 hours.
Another meme currency which is showing similar price trends is SafeMoon, which was trading at US$0.00000465, at the time of writing, surging 37.2%, on 29 October.
Do you Know SafeMoon?
Launched in March 2021, SafeMoon crypto has been created on the Binance Smart Chain blockchain, with 1,000 trillion being its total supply.
As a part of the tokenomics of this crypto project, its huge supply keeps its token price very less. This has a psychological effect on people which motivates them to buy the crypto which is dirt cheap, thereby driving the prices and demand of the said token.
Also Read: Safemoon hurtling to the moon; but is it really safe?
Further, traders selling the said crypto are levied a 10% transaction fee, 50% of which is paid as dividend to current investors.
Bottom Line
Given current crypto market trends, SafeMoon’s price might see a further elevation, and its investors may reap rewards.
