SafeMoon is also preparing to launch a cryptocurrency exchange, which apparently is not tied to V2.
Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
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Cryptocurrency trading is a new, and growing, feature of the crypto world. Trading is separate from crypto’s use as a monetary system. Instead, users buy and sell cryptocurrencies as they would buy and sell shares of a company. Purchasing stock grants gives you ownership in a company, whereas purchasing a token grants you ownership of that cryptocurrency. In the U.S. tax system, cryptocurrency transactions are viewed in the same way as stock trading transactions. This reflects how most users are making money from the crypto world.
Palantir's (NYSE: PLTR) stock price tumbled 9% on Tuesday after the data-mining firm posted its third-quarter earnings. The pullback was a bit surprising since its growth rates looked healthy and it offered rosy guidance for the full year.
"Nowadays new coins can be listed on decentralised exchanges on the first day they are created, without any regulation or due diligence," said Jinnan Ouyang from Singapore-based crypto company Openmining.
Altcoin. Refers to any cryptocurrency other than Bitcoin, and there are thousands.
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"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
Despite having no top celebrity, actors, musicians, and entrepreneurs backing it, SafeMoon has still managed to gain the limelight. Its investors are mostly common folks spread across the world who want a better life for themselves and their families.
Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies — mediums of financial exchange that exist outside the bounds of state monetary policy.
Recently, such platforms have come under increased scrutiny by lawmakers and regulators. Binance in particular is reportedly under review by regulators in the U.S., Britain, Germany, Japan, Hong Kong and elsewhere.
With the V2 upgrade, SafeMoon contracts will have additional use-cases, driving the token’s adoption higher.
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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.
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