Is SafeMoon Overtaking Dogecoin?
By: Shivdeep Dhaliwal
Both Dogecoin (DOGE) and SafeMoon (SAFEMOON) have hit their all-time highs in the recent past but is the latter outpacing the Shiba Inu-themed cryptocurrency in terms of gains?
The Failed Moonshot: The “Doge Army” attempted to send DOGE to $0.69 or $1 levels on Doge Day, which was on Apr 20, and failed to do so. It was SAFEMOON that touched the all-time high of $0.000014 on that day.
DOGE hit its all-time high of $0.43 on Apr 16, four days before the Doge Day hoopla.
SAFEMOON has fallen 52.78% since it reached the lofty all-time high valuation, while DOGE has declined 41.19%.
At press time, DOGE traded 5.82% lower over 24 hours at $0.26, while SAFEMOON traded 2.28% lower at $ 0.0000066.
Down To Earth: Both DOGE and SAFEMOON have taken a downwards trajectory since Doge Day, but the pain has been more severe for backers of one of the two coins.
DOGE did manage to touch the $0.42 on that day — a number that assumes significance over relation to the date 4/20 that is also popular in Cannabis culture — but has fallen 38.09% since then.
SAFEMOON’s intraday high on Doge Day was $0.00001399 and the cryptocurrency has fallen 52.82% since then.
Even so, DOGE has rallied 5,400.80% since the year began, while SAFECOIN is up a whopping 21,900% since its intraday high on Mar. 12.
As a comparison, Bitcoin (BTC) has risen 80.12%. The apex cryptocurrency traded 6.05% higher at $52,891.88 at press time.
What You Should Know: Dogecoin has been around since 2013 and has the backing of the likes of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk and rapper Snoop Dogg. OKCoin COO Jason Lau said ahead of the exchange listing the coin that “It is secured by proof of work and has never had any security issues.” Lau was praised for Dogecoin’s “enthusiastic community.”
On the other hand, SAFEMOON Is a recent debutant and was only launched last month. SafeMoon charges sellers a 10% fee on the amount they choose to sell and rewards holders with 5% of the seller’s fee.
Last week, SafeMoon acquired one million users but a crypto influencer Lark Davis warned investors about the project and associated it with a Ponzi scheme.
A Ponzi scheme is a type of scam that generates returns for earlier investors with money taken from recent investors.
“I have seen dozens of crypto schemes that are basically the same. It will not end well. Soon enough the money will stop flowing in and it will collapse,” Lark said on Twitter.