It appears the coin became widely recognised on Twitter and many of its posts have thousands of likes by cryptocurrency watchers.
In return for their services, they take a small cut of each transaction’s value — usually less than 1%.
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Much like Dogecoin, it is cryptocurrency that was started off the back of an internet meme.
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The market seems to have taken a turn this morning as a correction has set in. Both BTC and ETH have witnessed a small correction, said Zebpay Trade Desk. The same is happening in altcoins as well, it added.
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People considering investing in Bitcoin or shares and stocks have also been warned over "risky" tips being shared on TikTok.
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After the flash crash, Bitcoin's level on Binance U.S. "almost immediately snapped back to where it had been," according to a Bloomberg report.
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Wallets used by cryptocurrency exchanges are somewhat vulnerable to hacking. For instance, Japan-based Bitcoin exchange Mt. Gox shut down and declared bankruptcy a few years back after hackers systematically relieved it of more than $450 million in Bitcoin exchanged over its servers.
You can also buy Safemoon from a centralized exchange like BitLink that lists Safemoon for sale.
Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. This expression refers to the price of a crypto asset rising very high over a very short period.
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Miners’ work periodically creates new copies of the blockchain, adding recent, previously unverified transactions that aren’t included in any previous blockchain copy — effectively completing those transactions.
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