The launch of the SafeMoon (SAFEMOON) wallet ran into unexpected technical issues, shortly following its release.
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.
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We couldn’t find any information from Binance.US about its security measures and protections, and the company did not respond to a request for comment. The most descriptive information on the Binance.US site is the following statement, from its homepage: “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”
As SafeMoon is so new to the crypto market, our SafeMoon stock forecast is very speculative. However, there are some essential pieces of information that we can feed into our analysis to arrive at logical predictions. With that in mind, let’s take a look at our SafeMoon prediction 2021 for the upcoming months: One Month – The current SafeMoon price is incredibly low, trading at $0.00000141. However, if momentum were to pick up, we could see the price head towards the recent resistance level of $0.00000333 over the next month. Three Months – It is still relatively difficult to invest in SafeMoon, so getting the liquidity for higher prices is still an issue. That being said, we estimate that SafeMoon could head towards the $0.00000500 region over the next three months. Start of 2022 – If the SafeMoon developers make true to their promises, it’ll likely increase the hype surrounding this altcoin. This could push SafeMoon into the $0.00000600 region by the beginning of 2022.
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SafeMoon Made it to the ‘Top 100 Crypto List’ without Major Listings in Top Trading Platforms
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Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales.
Binance.US claims to have undertaken appropriate measures dedicated to protecting its customers from theft and hacking, in line with its policy of prioritizing security.
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UK crypto asset businesses must register with the Financial Conduct Authority - and you can check to see if they are on the Financial Services Register or if they are on a list of firms with temporary registration.
Fiat currency. A fiat currency — such as dollars, euros, pounds, or yen—is a trusted medium of exchange, or legal tender, that is issued by a recognized government or authority. U.S. dollars, for example, are backed by the “full faith and credit” of the United States government.
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
This disparity in fee structure favors users outside the U.S., where the higher fees may be related to tighter regulation of crypto in the country. By comparison to other platforms, the fee structure of Binance.US and Binance looks more complicated. Users from outside the U.S. benefit from lower fees.
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.
The value of Safemoon is currently sitting at $0.000003803 - up almost 23% over the past 24 hours, according to CoinMarketCap.