The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
Inspired by the hugely popular Netflix series Squid Game, the tokens had rocketed in value.
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The original cryptocurrency, Bitcoin, is a capped cryptocurrency. This means after 21 million Bitcoins are mined, no more will be mined.
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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.
Before this latest surge for the top two cryptos, recent sudden drops followed a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. After previously topping $52,000 in early September, Bitcoin’s price had dropped and struggled to get back over $50,000 until this month.
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.
Ultimately, Brooks served as the comptroller less than a year, from May 2020 to January 2021. At the OCC, Brooks established a reputation as a crypto-currency-friendly regulator, earning the nickname "CryptoComptroller."
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Since its inception, Binance has quickly become the largest cryptocurrency exchange in the world. Binance is primarily known for its low fees and large amounts of liquidity. The exchange currently offers more than 500 cryptocurrencies and over 1,200 trading pairs. This certainly makes it an attractive place to trade as crypto investors can have their pick of almost any digital asset they wish to trade.
As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
Today, it’s impractical for hobbyists without thousands of dollars to invest in professional-grade mining equipment. If your aim is simply to supplement your regular income, plenty of freelance gigs offer better returns.
SILVER SPRING, Md. (AP) — The chairman of the Securities and Exchange Commission said that investors need more protection in the cryptocurrency market, which he said is “rife with fraud, scams and abuse."