A relatively new cryptocurrency is trying to reach the moon, like Bitcoin, Ethereum, and Dogecoin before it.
SafeMoon, which debuted in March, has received increased buzz recently, based on a pitch that it will avoid the wild price fluctuations endemic to Bitcoin, Ethereum, and more recently, Dogecoin.
So far, 2 million people have bought SafeMoon, according to the currency’s creators. Its price is a fraction of a cent—$.000007— but that’s up 202% in the past month as cryptocurrencies across the board have soared in value.
Compared to more established coins, SafeMoon is a piker. Its market cap is $4.1 billion, versus $792.3 billion for Bitcoin (price: $42,584) and $365.1 billion for Ethereum (price: $3,168).
Critics of SafeMoon complain that there’s not enough information about it or how it can be used.
But SafeMoon does fill what seems like a bottomless appetite for cryptocurrencies. The value of Dogecoin, which received a massive boost from Tesla CEO Elon Musk, recently exploded in value. Other like Shiba Inu, another dog-themed cryptocurrency, and Internet Computer, which debuted last week, have also gained traction.