An altcoin linked to a security-focused crypto wallet skyrocketed by more than 43% in one day, outperforming the broader crypto market.
Safe (SAFE) is a smart contract wallet that runs on multiple blockchains.
The project’s native token, SAFE, is trading at $1.36 at time of writing, up from around $0.95 on Wednesday. The 124th-ranked crypto asset by market cap is also up nearly 55% in the past week and more than 74% in the past month.
Comparatively, the overall crypto market cap is up 1% in the past day, according to CoinGecko.
Danilo Pereira, a product marketer at Safe, notes that the project’s total value locked (TVL) is 5x larger than the TVL for Robinhood’s centralized exchange.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
On Thursday, after SAFE’s price gains materialized, the project announced the launch of gasless deployment with the same address across more than 15 networks, saying that the new feature “offers unprecedented flexibility in asset management.”
Despite the gains this week, SAFE still remains 61% down from its all-time high of $3.56, which the asset set shortly after it launched in April.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Altcoin Tied to Security-Focused Wallet Jumps More Than 43% in One Day, Outpacing Broader Crypto Market appeared first on The Daily Hodl.
