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.
For more on trending cryptocurrencies, check out the latest on Save Planet Earth, IOST, Bonfire, Arweave, and TrueFi.
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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.
4JNET has launched the pre sale of limited-edition nonfungible tokens (NFTs) on Oct. 18, and a total of 5,000 limited-edition NFTs have been distributed. After the project kicks off on Dec. 1, all NFT holders can claim 30% of the all tokens issued, unlock 2% each day and enjoy a 3% reduction of service charges. The purchased 4JNET tokens will be put into the liquidity pool to maximize the benefits.
If the price turns down from $1.41 but rebounds off the $1.24, it will suggest that traders continue to buy on dips. That will increase the likelihood of a breakout of $1.41. This positive view will be negated if the bears sink and sustain the price below the 20-day EMA ($1.17).
So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.
Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”
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There was also a big debate on Safemoon tokenomics. Most of the competing coins have a more attractive and innovative tokenomic than Safemoon. While the Bitrise coin has an automated redemption and burn process, Safemoon burns manually. This means that the liquidity regulation of the Safemoon token is less transparent.
We reached out to Binance.US for more information about its security measures and received no response. We’ll update the review if Binance.US gets back to us.
Cryptocurrency prices today: Bitcoin gains 7%; Ethereum, Dogecoin & XRP rise up to 9.7% The price of Bitcoin rose 7.34% to $66,119 on Coinmarketcap. Market cap of the cryptocurrency reached $1,252.44 billion. Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%.
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But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
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GARY GENSLER: This asset class is rife with fraud, scams and abuses in certain applications. There's a great deal of hype and spin about how crypto assets work.
“Volatility is as old as the hills, and it’s not going anywhere,” Noble says. “It’s something you have to deal with.”