Fig 4. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Ethereum and Monero.
What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin
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The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
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In the last 24 hours, Bitcoin has gained around 3 percent and is trading above $67,000. The crypto has added over 10 percent in the past week.
SafeMoon had a very promising launch and maxed out at an impressive market price of $0.00001375. Many tokens and coins have price spikes soon after launch as this is the time when interest is at its peak for new potential investments. Investors were hoping that the market price would settle somewhere around this level and continue to rise at a more sustainable rate. Unfortunately, this was not the case, SafeMoon witnessed its market price continuously drop until it was priced around $0.000003458.
Yield farming involves lending cryptocurrency in exchange for interest payments and other rewards - but it comes with a high degree of risk.
In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, Bloomberg News has reported.
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First US exchange traded fund linked to cryptocurrency garners strong demand following debut
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The repeated retest of a support level within a short interval tends to weaken it. If the price breaks below $49.78, the DOT/USDT pair could drop to the 20-day EMA ($48.09). This is an important support for the bulls to defend.
Cryptocurrencies have seen an explosion in popularity since they rose to prominence in 2009 and there are now over two thousand in existence. Some of the ‘major’ cryptocurrencies include Bitcoin, Ethereum and Litecoin. These are among the most traded cryptocurrencies worldwide, with the largest market caps.
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