Watch Out Shiba Inu: Out-Of-Favor Altcoin SafeMoon May Be Back In The Game

Shiba Inu touched an all-time high earlier in the day, but meme cryptocurrency SafeMoon SAFEMOON/USD is also seeing strong gains as of Tuesday night, extending a massive rally since early this month.

What Happened: SafeMoon, which launched in March, is up 15.5% during the past 24 hours, trading at $0.000003323 at press time.

The altcoin has surged 17.7% against apex cryptocurrency Bitcoin and also gained 13.4% against Ethereum during the 24-hour period. It currently has a market capitalization of $1.93 billion.

The token is seeing high interest on social media and is trending in the second spot on Stocktwits behind Shiba Inu, the self-described “Dogecoin DOGE/USD-killer.”

SafeMoon is still down 76.4% from its all-time high of $0.00001399 touched in April.

See Also: How To Buy SafeMoon (SAFEMOON)

Why It Matters: SafeMoon, a self-described decentralized finance or DeFi token, said earlier this month that its SafeMoonWallet is live on Apple’s AAPL iOS platform. The SafeMoon Wallet now comes with an integrated Binance Coin buy button. 

The SafeMoon Protocol would expand to include an NFT marketplace and coin launchpad that will enable users to create their own cryptocurrencies via the platform, according to the project behind the token.

The coin took to Twitter on Sunday to mention the highlights from a meeting between cryptocurrency’s holders and the team’s CEO John Karony earlier this month.

Here are the highlights from last week's #SAFEMOONSUNDAY with @CptHodl pic.twitter.com/UIp9OZaiyx

— SafeMoon (@safemoon) October 24, 2021

SafeMoon was seeing high interest earlier this year, getting backing from the likes of Barstool Sports founder Dave Portnoy.