SafeMoon has gained momentum in recent weeks but unlike bitcoin and Dogecoin, SafeMoon is a DeFi token rather than a cryptocurrency. According to the SafeMoon website, there are more than two million holders of the currency. Like all cryptocurrencies, investing in DeFi tokens is risky. The cryptocurrency market is very volatile, meaning investments can go up and down in an instant, as was witnessed on Wednesday with several cryptocurrencies.
What is SafeMoon’s price today?
SafeMoon has dropped in value in the last 24 hours, along with a number of other cryptocurrencies.
The drop in value of cryptocurrencies follows the news China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
China has warned investors against speculative cryptocurrency trading.
READ MORE: Will crypto recover? Bitcoin, Ethereum and Dogecoin down a third
The news of China’s crackdown on cryptocurrency has followed a turbulent few days for the market.
Last week, the announcement that Tesla will no longer accept Bitcoin for purchases of its vehicles sent the cryptocurrency market into turmoil.
Billionaire Tesla CEO Elon Musk tweeted about concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”.
The statement from Mr Musk added: “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.
Samuel Leach Director of Samuel & Co Trading, told Express.co.uk: “There has been a significant drop in the value of cryptocurrencies over the past week.
“This drop has been accelerated today with Bitcoin (BTC) briefly touching the $30,000 level, down over 50 percent from its highs posted in April.
“The last time BTC hit the $30,000 level was back in January and it sparked a strong three-month rally to its highs of $65,000.
“It is not the first time BTC has wiped off billions of dollars of value in a matter of days and it is unlikely to be the last time.
“This demonstrates the sheer volatility in cryptocurrencies and the fact it continues to happen to the largest and most dominant coin shows that Cryptos are still a long way from replacing traditional currencies.”