Altcoin Linked to Security-Focused Crypto Wallet Skyrockets Over 43%

Overview

A digital currency associated with a security-centric crypto wallet surged by more than 43% in a single day, surpassing the broader cryptocurrency market’s performance.

Details of the Surge

Safe (SAFE) operates as a smart contract wallet running on various blockchains. The project’s native token, SAFE, currently trades at $1.36, a significant increase from approximately $0.95 the day before. This 124th-ranked cryptocurrency by market capitalization has seen a nearly 55% rise in the past week and over 74% growth in the last month.

Market Comparison

While the general cryptocurrency market cap has only seen a 1% increase in the past day, SAFE has outperformed this trend.

Total Value Locked and New Feature

The project’s total value locked (TVL) notably surpasses that of Robinhood’s centralized exchange by five times, indicating a strong capital deposit within the protocol’s smart contracts. Additionally, the project recently introduced gasless deployment across more than 15 networks with the same address, providing enhanced asset management capabilities.

Current Position

Despite its recent gains, SAFE still lags 61% below its all-time high of $3.56 achieved shortly after its launch in April.

Disclaimer: Opinions expressed in this article are not financial advice. Readers are advised to conduct thorough research before engaging in high-risk investments involving cryptocurrencies or digital assets.