Without a clear track record to assess long-term value, cryptocurrency rises and falls on an unpredictable demand cycle. And for individual investors, the challenge is “you really don’t know where supply and demand can end up,” Aliaga-Díaz says.
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And while Karony said he wasn’t sure what to make of Portnoy’s tweet, he was appreciative. “It’s cool to see big names talking about SafeMoon because it means more people are hearing about SafeMoon,” he said.
Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. This expression refers to the price of a crypto asset rising very high over a very short period.