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Why has Safemoon soared 23%?



Safemoon has seen another surge in trading volume by market capitalization over the past few months.

SafeMoon's price is up 23% in the past seven days.

The SafeMoon rate is up 6.7% in the last 24 hours and more than 300% since mid-April. The performance of the token is due to the increased pressure to buy from investors who are keen to keep the token in their wallets and benefit from it.

SafeMoon Protocol is a recently launched Decentralized Financial (DeFi) token that has seen 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 fuel growth in the burgeoning NFT sector. The project also aims to develop charity projects and educational decentralized applications.

Why is Safemoon special?

SafeMoon is a cryptocurrency that is similar to other DeFi coins such as Compound, Aave, Uniswap and Chainlink. However, it has one key difference - it encourages static farming (hodling) instead of staking with LP farms.

The creators of the coin say the high APY LP farms are no longer attracting small investors. But SafeMoon makes it easy for new investors by not having to stake their coins, but rather as part of the rewards. In this context, investors who keep the coins in their wallets receive half of the 10% fees that are incurred on every trade as a reward.

This has attracted many newcomers, Safemoon CEO John Karony recently stated that there are now over two million SAFEMOON owners.

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