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Cryptocurrency firms aren't regulated, which means that you won't have any protection if things go wrong.
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The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
It will impose a 10 percent penalty tax fee on sellers and redistribute five percent of this tax to other people who already own the cryptocurrency.
Our Safemoon prediction for 2025 states that the coin could be valued at around $0.000025 if the developers can improve its current usability.
But this time feels different. It feels like a bubble. The fever in the post-Thanksgiving moonshot ran hotter than we’d seen before. We also began to see a robust supply response.
And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:
It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
In the last 24 hours, Bitcoin peaked at a new record high price of $68,568.85 according to Coinbase.
PancakeSwap is Binance's Decentralized Exchange (DEX) and the largest Automated Market Maker (AMM) around.
Cryptocurrencies have seen an explosion in popularity since they rose to prominence in 2009 and there are now over two thousand in existence. Some of the ‘major’ cryptocurrencies include Bitcoin, Ethereum and Litecoin. These are among the most traded cryptocurrencies worldwide, with the largest market caps.
These platforms allow holders to exchange their cryptocurrency holdings for major fiat currencies like the U.S. dollar and euro, and for other cryptocurrencies, including less-popular currencies.
Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10% fee to buy tokens and another 10% to sell -- almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation.
After that, five percent of the tax is then allocated to people who still own SafeMoon currency. This is to prevent the price from dropping as people start selling the token.
Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support.
WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.