The name SafeMoon extends to “Safely to the Moon” and auctions itself as a Defi token. This getting to the moon expression was first presented with Dogecoin, and now SafeMoon follows it too. It is a decentralized money token that is like other cryptos such as Bitcoin and means to retouch the occurrence of unpredictability issues, in contrast to different currencies.
And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
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Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
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SafeMoon's native token collapsed in price by more than 20% following the issues.
Critics also highlighted that its website contained many spelling mistakes and grammatical errors. The website is no longer online and social media accounts promoting the tokens have also vanished.
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BitTorrent lost its relevance ever since the decentralised media network, Tron, made sharing files easier and faster, and the TRON Foundation purchased BitTorrent. Later, BitTorrent purchased DLive, a blockchain content-sharing platform where creators can monetise content without having to share with the network.
Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green.
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Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
— Allie Caccamo is now an associate doing tech policy strategy at Christoff & Co. She most recently was an account coordinator at Allison+Partners.
Crypto data aggregation platform, CoinMarketCap, recorded an increase in Bitcoin’s trading volume of almost 21% over the last 24 hours as of 2.25pm, with the cryptocurrency’s trading volume reaching $41,758,072,990.
Changpeng Zhao increased crypto-asset availability as one of the founders of Binance, which has grown into one of the largest crypto exchanges. Sam Bankman-Fried, co-creator of the FTX digital asset trading platform, serves as another important individual in the industry that impacts trading, decentralized finance (DeFi) and other aspects of the crypto space.