SafeMoon is one of the newest types of cryptocurrency to emerge and has only been available to buy for the past few months. But, since its introduction to the market, SafeMoon has seen its value skyrocket, and at one point, was one of the hottest properties on the crypto ladder.
The cryptocurrency is one of the fastest-growing digital coins out there.
It was first made available in March 2021, and has since skyrocketed in value – largely thanks to its loyal social fanbase.
But after its incredible rise to fame, the value of SafeMoon has become much more unstable since the end of April.
Along with most other types of crypto, the token’s value dropped by about half over a two-week period from the middle of May.
READ MORE: SafeMoon price: Will SafeMoon tokens ever reach $1?
But, SafeMoon’s high volatility doesn’t make it an ideal investment, warned Crypto Head co-founder, Adam Morris.
It’s a community-driven campaign that hasn’t got its investors’ best interests at heart, he said.
“SafeMoon has a lot of similarities with Dogecoin, but it’s even more risky because it doesn’t have the history that Dogecoin does,” Morris told Express.co.uk.
“SafeMoon is community-driven by people trying to get rich quick and history shows these never work out.