The SafeMoon altcoin asset skyrocketed 20 percent in a 24-hour period, as if on its way to the moon. It's more akin to a meme token like Shiba Inu, existing solely for the purpose of buying and selling it. In May, the Binance Smart Chain-based coin soared to a market cap of more than $6 billion. SafeMoon tokens are gradually being burned in order to put deflationary pressure on the asset.