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SafeMoon price: Altcoins 'just a phase' despite DOGE and SafeMoon rallyLiam Doyle
SafeMoon price: Altcoins 'just a phase' despite DOGE and SafeMoon rally

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SafeMoon and Dogecoin continue to climb high in the charts following months of unprecedented meteoric growth pushing them hundreds to thousands times their base value this time last year. Both tokens emerged from the relative unknown this year and have quickly exploded in value. But despite their unique performance, experts believe the coins won't retain value in the long term.

Currently, SafeMoon is the less valuable of the two surging cryptocurrencies.

The token's value sits at $0.00000874 (£0.0000062), with 24-hour increases of 2.69 percent.

Over the last two months, it has risen from $0.0000000312, with initial sharp increases of 910 percent.

Despite its value, Adam Morris, co-founder of Crypto Head, a cryptocurrency guide site, said SafeMoon, in particular, "doesn't offer much".

READ MORE: Can you buy SafeMoon on Coinbase? How to buy SafeMoon

He said its reliance on the community and unique features make it tricky to sell on.

Mr Morris said: "SafeMoon is community-driven by people trying to get rich quick and history shows these never work out.

"SafeMoon itself as a project doesn't offer much and the coin is designed to be as hard to sell as possible."

SafeMoon uses a purpose-built marketplace and makes it more enticing to hold units.

The SafeMoon protocol taxes each transaction with a 10 percent fee, five percent of which developers redistribute to all token holders.

Dogecoin is bought and sold on more popular exchanges such as Finance and Kraken.

The coin is currently much more valuable, sitting at $0.568077 (£0.40), with a 24-hour spike of 45.08 percent.

Over the last few months, it has increased its total value by more than 4,000 percent.

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Regardless, Mr Morris believes it will go the same direction as SafeMoon and is ultimately a "phase".

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.

“At this point, it seems that SafeMoon, Dogecoin and other altcoins that have appeared out of nowhere are likely a phase similar to GME.

"We might not see a huge correction though until the next major market correction."

“Long-term investors should be looking at things like Ethereum because they provide great infrastructure in the industry and actually deserve the value they have."

Ethereum is currently one of the most valuable cryptocurrencies on the market.

The coin is worth $3,986.99 (£2,827.63), and its value is increasing every day.

Over the last day, it has gained 7.90 percent and got to its current position from less than $200 (£141.84) this time last year.

by:

Liam Doyle

from:

express.co.uk
cryptoDATA 14 May 2021 cryptoTIME 3 min read
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