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Community-driven DeFi token SafeMoon has made it to the top 100 cryptocurrencies by market capitalization. SafeMoon prepares for a comeback with the upcoming V2 upgrade.
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Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
The scope of the operation is not unlike the search for new prime numbers, which also requires tremendous amounts of computing power.
Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
PancakeSwap is Binance's Decentralized Exchange (DEX) and the largest Automated Market Maker (AMM) around.
We should also point out that if we had been given labels on the Y-axis (which obviously we are not), it might become clear that these “daily Covid cases” refer to US Covid cases. Because while a US chart looks exactly like the one above, a chart showing worldwide Covid cases doesn’t; instead it looks like this (according to Google):
Follow news based on your portfolio and watchlist, the app will surface news most relevant to your interests so you never miss a beat. Get the latest coverage from top crypto media outlets, learn more about blockchain technology, trends and crypto analyses. Read content from the top companies in the space on our blog, and discover top gainers and losers by price for the hour, day or week.
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The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Cryptocurrency firms aren't regulated, which means that you won't have any protection if things go wrong.
The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).