Cryptocurrency is a type of currency that’s digital and decentralized. Cryptocurrencies can be used to buy and sell things, and their potential to store and grow value has also caught the eye of many investors.
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SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
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Harrison, who still owns SafeMoon, said that the developers have become more professional since the AMA incident: “They’re a bit more scripted, they sit down, they’re in suits.”
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Binance.US can grab investors’ attention with lower fees than many other cryptocurrency exchanges, but we’d recommend paying a bit more for added transparency.
Dogecoin, which was initially set up as a joke in 2012 before seeing its shares skyrocket, has also dropped while Solana has seen its market price rise by more than 8%.
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Notes: This figure plots weekly averages of log price and log computing power (log hashrate) of Bitcoin and Ethereum over the period from August 2015 to January 2019. We normalise both time series by subtracting their mean and dividing by the standard deviation.
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Safemoon offers a unique way of investing in cryptocurrency, as people who hold Safemoon and then sell it are subject to a 10% fee. This fee is halved, with 5% of it being given back to other Safemoon holders – the developers call this ‘reflection’. The additional 5% is split again, with 2.5% being used within the liquidity pools on exchanges such Pancake Swap, with the other portion being converted into BNB.
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Recent drops have been caused by a combination of factors, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to China’s recent crackdown on crypto services. The accumulated response made this sell off “all the more violent,” says Noble.
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