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The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
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SafeMoon today trades around 0.0000027 a coin with a market capitalization of about US$1.6 billion, sharply lower than its high of almost US$6 billion in mid-May, according to CoinMarketCap. Article content More On This Topic Stablecoins: The cryptocurrency that keeps central bankers up at night Canada missed its crypto moment, but it might not be too late to exploit our edge Cryptocurrency exchange Binance to stop support for stock tokens Bitcoin miners navigate the extreme world of crypto power-hunting
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SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
The goal is to keep the average interval between new blockchain creations steady at a predetermined level. Bitcoin’s is 10 minutes, for instance.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
As of November 9, SafeMoon has 2,865,000 holders. There has been a consistent rise in the number of SafeMoon holders over the past two months.
Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.”
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SafeMoon today trades around 0.0000027 a coin with a market capitalization of about $1.6 billion, sharply lower than its high of almost $6 billion in mid-May, according to CoinMarketCap.
Worth noting: Once upon a time, cryptocurrency mining was a potentially lucrative side business for those with the resources to invest in power- and hardware-intensive mining operations.
The SafeMoon crypto wallet has been drumming up excitement among users because the team has been adding support for more coins. SafeMoon’s Karony revealed that the wallet would see additional listings this week and asked his followers which coins they would like to see.