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It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
Understanding ICOs and other cryptocurrency offerings (North American Securities Administrators Association)
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Online factors exhibit stronger relationships in the long term, and such relationships were found to be consistently positive. The long term positive relationships suggest long term price trends are linked with online activity. This is an intuitive result, given that successful cryptocurrencies are likely to have active communities; as the community grows, so does belief in the cryptocurrency, and vice versa.
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Typically, meme coins don’t gain on fundamentals. Instead, they are usually driven by an internet-based joke.
The Bitrise coin has been a very aggressive coin in the crypto market in the last few months. Since the coin hit the market in July, the value growth has been impressive. The first investors who bought the token are now sitting at thousands and millions of dollars in profit.
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Beijing's crackdown on cryptocurrency sends bitcoin entrepreneurs moving to the wild wild west.
Blockchain technology has unique security features that normal computer files do not have.
As the record of a cryptocurrency’s entire transaction history to date, a blockchain has a finite length — containing a finite number of transactions — that increases over time.
The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.