The cryptocurrency SafeMoon is up today ahead of the release of the token's SafeMoon wallet beta test.

CoinMarketCap data shows the price of the digital currency is currently up more than 16 percent over the past 24 hours to about $0.0000046, giving it a market cap of $2.68 billion.

SafeMoon has become a popular altcoin—a term used to describe an alternate cryptocurrency to bitcoin—since its release in March this year. It works by charging a fee on transactions and redistributing part of that to the rest of the token holders.

On Monday, a member of SafeMoon's core team made a Reddit post announcing a sign-up form would go live on Tuesday for people who want to help beta test the token's upcoming SafeMoon wallet—which the team says will be "a secure place to store and trade your SafeMoon."

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