When new cryptocurrencies enter the market, often there isn’t much information about what they do or who their development team are. Thus, investors must read between the lines to determine whether the crypto is a viable investment or not. With that in mind, let’s dive into what SafeMoon is and its price history.
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“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at great cost to the environment”, in his Twitter post.
— Jordan Barth is joining the Pew Charitable Trusts as a government relations associate. He was most recently the DNC’s voter protection hotline & research coordinator during the 2020 election.
The term “miners” relates to the fact that miners’ work literally creates wealth in the form of brand-new cryptocurrency units.
However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
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There are so many areas that Safemoon falls short. In products, there is so much competition that Safemoon receives from Bitrise cryptocurrencies. For example, the Safemoon wallet is considered inferior to the Bitrise dApp wallet.
That can mean serious savings for investors, especially compared to some other exchanges. For example, if you want to buy $100 worth of Bitcoin on Coinbase, you’d actually end up with about $96.51 in Bitcoin, after fees. On Binance.US, you’d still have $99.99 to purchase Bitcoin after accounting for the 0.1% fee.
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With the rise in artificial intelligence and automation, armies of trading bots can theoretically be used to push a crypto’s price up by creating an artificial demand for the coin. As always, you should do some research to make sure any crypto you’re thinking of investing in isn’t being artificially boosted by bots.
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"There are a lot of things in flux, but I would say [we'll launch] in a month or two," Zhao, better known as CZ, told Cheddar in an interview Wednesday.
With all of these shortcomings facing most of the competition, Safemoon is definitely in trouble. The Safemoon team has to do a lot to make the play competitive. Otherwise, not many people will be interested in this Safemoon. This means low demand, and this is how the value of Safemoon’s coin will plummet.
Meanwhile, concerns were also mounting on Oct. 21 that leveraged traders have taken on more risk than they can chew.