Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.
“I like the word ‘moon,’ because that’s where I want it to go,” Portnoy said in his purchase announcement.

Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10% fee to buy tokens and another 10% to sell -- almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation.
It’s important to read the details on your chosen trading platform to ensure you understand the level at which price movements will be measured before you place a trade.