If you keep up with crypto news, you may have heard the name Safemoon quite a lot in the first half of 2021. If you are interested in day trading, talk of Safemoon’s high volatility and rapidly increasing market cap may have piqued your interest. Maybe you’re looking to buy, hold and capitalize on the next big crypto price rally. What is Safemoon Crypto?How to Buy Safemoon Crypto?Where to Buy Safemoon Crypto?Safemoon FAQConclusion
Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
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Dogecoin, which was initially set up as a joke in 2012 before seeing its shares skyrocket, has also dropped while Solana has seen its market price rise by more than 8%.
Community-driven DeFi token SafeMoon has made it to the top 100 cryptocurrencies by market capitalization. SafeMoon prepares for a comeback with the upcoming V2 upgrade.
It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
Ethereum gained 1.66% to $4,808 and Dogecoin was trading 4.08% higher at $0.2837. Digital token Stellar climbed 3.56% to $0.3817 and XRP rose 0.01% to $1.27.
Worth noting: Once upon a time, cryptocurrency mining was a potentially lucrative side business for those with the resources to invest in power- and hardware-intensive mining operations.
Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.
— Michelle Anderson is now head of marketing and development at ROKK Solutions. She’d been a senior adviser for the public affairs firm since April 2020.
The digital asset at press time is trading at $0.00000424. While the market cap is around $2,402,538,956. The trading volume for the last 24-hours is at about $12,121,142. And about 428.16660 TR have been burned. The coin had peaked to $0.000006 levels on the 28th of October. And is witnessing a downfall ever since.
Traders can choose strategies such as day trading, where positions are opened and closed within a day for quick profits, or go for a scalping strategy, taking small profits from a large number of trades. Other strategies include trend trading, swing trading, and position trading.
The same goes for the Safemoon exchange compared to the exchanges from the competition. The number of products that the Safemoon ecosystem will host is smaller than competing coins. In the long run, less revenue will be generated on the Safemoon network, and this means the rewards from token staking will be less compared to platforms like Bitrise.
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“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read. Coinbase & Gamestop may launch NFT marketplace as Public adds Shiba Inu & Bitcoin
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
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