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“YOU’VE CRASHED #SAFEMOON THERES NO OTHER WAY TO SAY IT. WE WILL UPDATE YOU AS SOON AS POSSIBLE […] WE CAN’T WAIT TO HAVE YOU ALL HOME SOON…”
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So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
The team is soon launching the network's revenue share program and the staking process. The announcement triggered a surge in the number of new investors, including many Safemoon members. Everyone wants to stake a Bitrise coin and enjoy the 80% APY as well as earn the BNB rewards for holding the token.
The sudden spike in selling pressure pushed the flagship cryptocurrency to a low of $62,050, easing nearly 5,000 points in market value. Although prices have bounced back above $63,000 in the last few hours, it remains to be seen whether BTC can hold above support.
Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”
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IG offers trading on nine of the most valuable cryptocurrencies: bitcoin, bitcoin cash, bitcoin gold, ether, ripple, litecoin, EOS, stellar (XLM) and NEO.
With a year-long spike in the community, Safemoon could trade up to $0.0000089 at the end of next year and peak near an impressive price point for 2022.
One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought US$40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
But of course you'll want to be wary of another possible Squid Game fiasco, which reportedly scammed users of an estimated $3.38million.
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As explained in its roadmap, the SafeMoon team hope to begin a "community listing donation raise for several exchanges" in Q3 2021. As of July 21, this has not yet started.
In other words, if you're waiting for Safemoon to hit $1, you'll likely be waiting for a long time.
This past autumn, the bitcoin cash community–which was created due to a technical disagreement with the larger bitcoin sector–started a civil war. Essentially, bitcoin cash developers had diverging views on the software update for the system, and so they decided to implement another hard fork. This created two new bitcoin cash sects. Internally, the fork caused a lot of strife; one of the most popular bitcoin alternatives was unable to reach a consensus, and instead had to create two different paths that would essentially go to war with each other.
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