Over the last weekend, SafeMoon grabbed the attention of crypto investors and enthusiasts after it gained over 99%. On April 20, the token quickly rose to its highest level settling at an exchange price of $0.000013, according to data from CoinMarketCap.
The DeFi token was founded by John Mating with the aim to circumvent bank lending and establish a peer-to-peer network. Since its launch, the token has been the talk of the crypto community as it rewards investors who buy and hold it.
It’s a cryptocurrency on the Binance Smart Chain that started out at a low market cap of around $50,000. The price and market capitalization of SafeMoon went parabolic after growing popularity on TikTok.
In merely three weeks, the coin grew 2,200%. Before it didn’t.
A Seismic Crash
The parabolic rally quickly came to a drastic end on Thursday morning when the digital token lost a shocking amount of value. The token lost about two-thirds of its