Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
The team is soon launching the network's revenue share program and the staking process. The announcement triggered a surge in the number of new investors, including many Safemoon members. Everyone wants to stake a Bitrise coin and enjoy the 80% APY as well as earn the BNB rewards for holding the token.
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So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.
Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
While its price had fallen slightly from a 24 hour high of $68,525 on Tuesday morning to $67,983.80 as of 2.10pm, Bitcoin’s price hike still represents a year-on-year increase of more than 300% on last November’s value.
Crypto is driven by the fast money. Recently, the biggest bank in Australia has announced that it would offer crypto trading to its customers. Singaporean authorities have also talked positive about the cryptocurrency. Also Read - Shiba Inu Coin Price Surges To All-Time High, Cryptocurrency Bitcoin Drops. Here's Why
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SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.
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At the moment, Binance.US officials promise that this gradual coverage is only the beginning, making it their mission to eventually include as many US states as possible.
The same goes for the Safemoon exchange compared to the competing exchanges. The number of products that the Safemoon ecosystem will host is less than that of competing parts. In the long run, less revenue will be generated on the Safemoon network, which means the rewards for token staking will be lower compared to platforms like Bitrise.
SynopsisThe global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
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The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
Barberis, N., A. Shleifer, and R. Vishny (1998), “A model of investor sentiment”, Journal of Financial Economics 49, 307{343.
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