IG offers trading on nine of the most valuable cryptocurrencies: bitcoin, bitcoin cash, bitcoin gold, ether, ripple, litecoin, EOS, stellar (XLM) and NEO.
At time of press, this was SafeMoon’s latest update; there was no confirmation that the issues were persisting or had been taken care of.
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One key point to note about Safemoon crypto is that the developers haven’t really described any real-world use cases yet. The Safemoon protocol was hyped hugely by celebrities back in May, causing retail investors to jump on the bandwagon and push price higher. Following this, the price fell dramatically, leading many to claim that Safemoon was a ‘pump and dump’ scheme designed to make certain investors rich.
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Former winners include musician Tamar Braxton and Broadway star Marissa Jaret Winokur
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Jack Purdy, a senior research analyst at crypto analysis firm Messari Inc., said that while he didn’t know how risky SafeMoon might be, its website makes it clear that it’s designed to get investors to buy and hold to “earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.”
These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
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