Although exact active currency numbers fluctuate and individual currencies’ values are highly volatile, the overall market value of all active cryptocurrencies is generally trending upward. At any given time, hundreds of cryptocurrencies trade actively.
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.

Cryptocurrency markets move according to supply and demand. However, as they are decentralised, they tend to remain free from many of the economic and political concerns that affect traditional currencies. While there is still a lot of uncertainty surrounding cryptocurrencies, the following factors can have a significant impact on their prices: Supply: the total number of coins and the rate at which they are released, destroyed or lost Market capitalisation: the value of all the coins in existence and how users perceive this to be developing Press: the way the cryptocurrency is portrayed in the media and how much coverage it is getting Integration: the extent to which the cryptocurrency easily integrates into existing infrastructure such as e-commerce payment systems Key events: major events such as regulatory updates, security breaches and economic setbacks
Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.