The launch of the SafeMoon (SAFEMOON) wallet ran into unexpected technical issues, shortly following its release.
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It was first outlined in a 2008 white paper published by Satoshi Nakamoto, a pseudonymous person or group.
Crypto prices have been on a tear for the past several months, but the past week has been the clearest sign of a correction to climbing prices, though many see news of President Biden’s adjustment to the hikes on the capital gains tax as the most apparent reason for the market’s slide as investors cash out hoping their gains won’t be reached by a retroactive application of the rules.
More and more cryptocurrencies are entering the market every day, each one offering a slightly different model to attempt to attract investors. One of the most intriguing cryptocurrencies launched this year is SafeMoon, which looks to take the DeFi world by storm.
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Whilst demonstrating a respectable return, especially for a meme token, SafeMoon has the potential to spike again in the future. With expert, or lucky, timing you may be able to catch another huge market spike and benefit from the volatility of the cryptocurrency market.
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"For any centralized service, we have to do [client verification] and hold customer data," Zhao said. "On top of that we have to hold customer assets. Unlike banks, when the assets get stolen it's difficult to get them back. There's a high responsibility on the centralized exchanges we need to carry out well."
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Overall, it appears from these results that cryptocurrencies may experience short term intervals of co-movement, caused by sector wide news or cross market contagion, though correlation is likely to change dependent on the nature of the causal event and market environment. In the medium and longer term Bitcoin and Litecoin are strongly related; it is believed this is due to their similarity.
Bitcoin’s price spiked above its previous record high of $67,700 seen in late October on Tuesday morning in a continued surge of support for the world’s most popular cryptocurrency.
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.
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“Expect very high volatility in crypto over the next few months,” he tweeted on Oct. 21.