It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
In addition, the hashtag #SAFEMOONWALLET trended on Twitter for days leading up to the intended release. It also made an appearance on a billboard at London’s Piccadilly Circus.
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According to a tweet from the official SafeMoon Twitter account, the problems affected all three wallet products. Namely, the website buy and swap function, the Android wallet, and its iOS counterpart.
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You can't ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls
While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
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That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.
A look at recent charts shows that Safemoon has been on a downtrend since early November. Safemoon has also not been doing very well since its last all-time high around April 21, 2021. Despite rising in mid-May, the next time Safemoon saw bullish growth was at the end of October.
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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.
Take Bitcoin for example, if you want to get Bitcoin on Binance.US, here’s how you would do it to make sure you only pay that 0.1% fee, and not the 0.5% fee:
The 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.
Due to this, the process to invest in Safemoon involves transferring funds from a TrustWallet to Pancake Swap and then exchanging them into Safemoon. This process can be hard to follow for beginner investors, so it’s likely better to wait until Safemoon is added to a reliable and licensed broker.
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
— Allie Caccamo is now an associate doing tech policy strategy at Christoff & Co. She most recently was an account coordinator at Allison+Partners.
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