Dogecoin is a ‘meme’ cryptocurrency, seemingly created as a joke

Safemoon, a new digital token launched in March, has rapidly captured the attention of crypto traders. Searches for the new cryptocurrency this week peaked early on April 20, the day dogecoin was meant to soar to $1. “SafeMoon is similar to dogecoin in the sense that it is unclear what the utility of the project is or will be,” Ava Labs president John Wu told Insider. Sign up here for our daily newsletter, 10 Things Before the Opening Bell

April 20 was meant to be ‘doge day‘.

But instead of seeing their favorite meme-based token rocket to $1, dogecoin enthusiasts watched as chatter on social media coalesced around a lesser known coin: safemoon.

Safemoon launched in March and is up by roughly 2,000% in a month, according to CoinGecko. Searches for the cryptocurrency this week peaked early on April 20, as momentum was meant to be building behind dogecoin. The coin climbed to a high of $0.00000904 at around 11 a.m. ET Wednesday, and continued its climb by 3% until the next day, according to CoinGecko.

To the dismay of dogecoin fans, meanwhile, the meme token slipped 18% Thursday after reaching a high of $0.42 and has continued to slide since, even dipping under $0.20 briefly on Friday.

Safemoon is a decentralized finance token launched in March 2021. Its tagline, according to its website, is “Safemoon to the Moon!”, a similar slogan trumpeted by dogecoin fans. “To the moon” has been spouted by celebrities including Elon Musk, a vocal supporter of dogecoin who has been known to push the token higher with his inscrutable tweets.

“Safemoon is similar to Dodgecoin in the sense that it is unclear what the utility of the project is or will be,” John Wu, president of Ava labs, the team behind altcoin avalanche, told Insider.

He continued: “Worst case, this is a scam or Ponzi scheme. Better case, this was a euphoric rally driven

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