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Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
While this is a critical security feature that reduces theft and unauthorized use, it’s also draconian. Losing your private key is the digital asset equivalent of throwing a wad of cash into a trash incinerator.
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Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
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SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
Speculators in the crypto community continue to describe Brooks move as a stepdown, however, in terms of company size and brand awareness in the crypto space considering his office as CEO of Binance US previously.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Influencers like disc jockey Diplo, YouTube star Jake Paul and platinum-selling rapper Lil Yachty touted SafeMoon, though none were compensated for doing this, according to Karony. SafeMoon’s Twitter account now has more than 968,000 followers.
There's a huge new pool of money that could be about to juice the bitcoin market, crypto ETF expert says
SafeMoon Protocol is a decentralized finance (DeFi) token. The protocol launched in March 2021 and has already more than 1 million users. SafeMoon stands for "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price going upwards "as high as the Moon". SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition and Burn. SafeMoon plans to develop a non-fungible token NFT exchange, as well as charity projects and crypto educational apps.
Dogecoin (DOGE), denoted by its immediately recognizable Shiba Inu mascot, is a variation on Litecoin.
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Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".