Safe Energy (ENERGYX) Coin Skyrockets Over 230% In 24 Hours. What's Going On?

Safe Energy (ENERGYX), a recently launched cryptocurrency that pitches itself as a “community driven deflationary charity” working on reducing carbon footprint, soared over 230% in the early hours of Monday.

What Happened: ENERGYX rose 232.58% over 24 hours at press time. The recently introduced cryptocurrency soared 195.23% against Bitcoin (BTC) and 209.33% against Ethereum (ETH).

BTC traded 12.83% higher at $39,472.59 at press time, while ETH traded 7.86% higher at $2,504.38.

See Also: How To Buy Ethereum (ETH)

ENERGYX was placed on the third spot in CoinMarketCap’s list of trending cryptocurrencies at press time.

On Sunday, the project claimed on Twitter that it was focussing on clean energy and fixing contracts with solar and wind energy companies to incentivize Bitcoin mining using renewable energy sources.

Why It Matters: Recently, Chia (XCH), another cryptocurrency that touts itself as a “green” alternative to BTC has sprung to the limelight.

Its popularity drove up shares of hard drive makers Seagate Technology Holdings Plc STX and Western Digital Corporation WDC. 

The green debate around cryptocurrencies has intensified after Tesla Inc TSLA stopped accepting Bitcoin payments last month due to environmental concerns.

On Sunday, Tesla CEO Elon Musk clarified on Twitter that the automaker will resume Bitcoin payments when there is reasonable confirmation “of “clean energy usage by miners with [a] positive future trend.”

Read Next: Elon Musk Says Tesla 'Looking At' Other Cryptos That Use Less Than 1% Of Bitcoin's Energy. Which Could Be It?