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Is Alchemix the New SafeMoon?

  • SafeMoon has taken the cryptocurrency industry by the scruff of its neck after its launch.
  • Since its inception, SafeMoon has experienced a massive upward price movement by over 900% to reach an all-time high of $0.00001399
  • SafeMoon’s meteoric rise has led to a cross-section of crypto heads to refer to Alchemix as the new SafeMoon given the striking similarities they possess.
  • Alchemix reached its all-time high of $11,060 in the last 24 hours in what has been the most significant price rally of the cryptocurrency.

SafeMoon seems to be the cryptocurrency on everybody’s lips given its somewhat unorthodox modus operandi. This intriguing new cryptocurrency seems to have garnered the support of a healthy majority of believers who are spurred by the slogan “Safely to the Moon”.

In keeping with the slogan, SafeMoon’s value has embarked on a massive price rally of over 900% and some consider it to be a worthy alternative to DogeCoin. On the other hand, Alchemix has undergone a similar price rally that bears a striking resemblance to the spike in value from SafeMoon.

SafeMoon – Safely To The Moon

SafeMoon is somewhat of an oddity as it goes on to restrict the sale of the cryptocurrency through the imposition of a 10% fee on sellers of the token. 5% of the fee is distributed to holders of the token as a means to encourage the holding of the cryptocurrency.

Despite this, the cryptocurrency has soared in popularity among users as the value has skyrocketed in recent weeks fulfilling the slogan, “Safely to the Moon.” A reason for this rise in popularity is because a cross-section of users considers it to be a safer, more serious alternative to DogeCoin.

Since its launch, SafeMoon has produced dizzying metrics. Currently trading far below $1, SafeMoon recorded an all-time high of $0.00001399 which is over a 2,000% increase from launch. Since its launch, SafeMoon has garnered 1,890,840 holders with over 414 trillion tokens burned with a liquidity of $385,155,269, while offering users a wide range of functionalities to back up their innovative flair.

On the Flipside

  • Despite SafeMoon’s popularity, there exists widespread speculation that the project may be a Ponzi scheme.
  • Cryptocurrency influencers like Lark Davis and War on Rugs have cast aspersions on the reward mechanism of the whole project.
  • They hold the opinion that the reward mechanism of SafeMoon is just another big Ponzi scheme.

Is Alchemix the New Safe Moon?

Alchemix crept onto the scene by offering users the functionality of flexible loans that can repay themselves over time. Users of Alchemix can use their deposits as collateral for their loans while the deposits earn yields that can be used to repay the debt.

This offering by Alchemix was novel and the innovations it offered quickly generated a ton of interest in crypto circles, leading to a $4.9 million funding drive led by CMS and Alameda Research.

Like SafeMoon, Alchemix is a DeFi centred protocol that is community-driven. Alchemix has also undergone a similar meteoric price rally which has seen it reach a whopping $1,476 within a few months since its launch.

The last 7 days have proven to be iconic for Alchemix as the token climbed to a whopping $11,060; its new all-time high. This massive surge in price can be likened to the huge leaps made by SafeMoon over the last few weeks.

Just like SafeMoon, Alchemix has impressive figures backing the project. The project has a Total Value Locked (TVL) of 1,646,182,841 while trading volume within the last 24 hours is up by an impressive 97.69%.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.