Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
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Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
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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.
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He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
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SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
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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).
Binance begins to restrict US users ahead of regulatory-compliant exchange launch
Binance and Coinbase listings remain a coveted goal for new cryptocurrencies such as SafeMoon. However, it can take some time to achieve this. For example, Coinbase only listed Shiba Inu Coin in mid-June.
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