Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
The decision to buy cryptocurrency should always have a long-term outlook, as crypto prices can be particularly volatile. Safemoon is no different, as in its short lifespan, the price has already exhibited some significant price swings. To get a better sense of Safemoon’s outlook, let’s take a look at the technical and fundamental factors that could shape price in the future.
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If you’re investing in cryptocurrency, expect volatility to continue. That’s why experts recommend keeping your crypto investments to less than 5% of your total portfolio.
Results were generated a few mins ago. Pricing data is updated frequently. Currency in USD
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”
It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to some time ago. This is just one sign that Safemoon is in deep trouble.
It's likely SafeMoon - the 203rd-ranked cryptocurrency on CoinMarketCap - will eventually be listed on further exchanges. This is especially likely after Coinbase CEO Brian Armstrong tweeted in June: "Our goal is to list *every* asset where it is legal to do so."
Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
There was also a big debate on Safemoon tokenomics. Most of the competing coins have a more attractive and innovative tokenomic than Safemoon. While the Bitrise coin has an automated redemption and burn process, Safemoon burns manually. This means that the liquidity regulation of the Safemoon token is less transparent.
According to Stephen Innes, the head of Asian trading for the foreign exchange Oanda, hacks were the first element to have a chilling effect on crypto. Hearing the amount of money that thieves were able to take, he says, “Consumers got very concerned that their money could go missing.”
His appointment with Binance was seen as a sign that Binance was seeking an image of greater transparency through hiring well-regarded regulators to senior roles.
It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down.
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Cryptocurrency market is down 2.24% on the last 24 hours (2.15pm, Thursday 11 November).
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4JNET has been a favorite of the top players in the crypto space. It has received thumbs from experts and senior players throughout the market. This support is attributed to the underlying logic and protection mechanism of encrypted tokens. It ensures that the tokens are held through time and hedges against market deflation when investors dump their holdings.