"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
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The bitrise token has been on a hot streak lately, increasing its value by over 3558 percent in just three months. Experts are calling it the next SafeMoon and Shiba Inu Coin.
In the wake of both Coincheck’s hack–as well as a big one that hit the South Korean exchange Coinrail–governments in East Asia began to crack down. Over the course of a few months, China, Japan, and South Korea all announced different measures to better regulate crypto-trading. The world was watching to see if this new technology would hit the mainstream–and government crackdowns following gigantic hacks helped poison the public perception.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
The majority of the crypto currency market saw prices crash once more on the morning of 22 June following China’s clampdown on digital currencies.
But of course you'll want to be wary of another possible Squid Game fiasco, which reportedly scammed users of an estimated $3.38million.
We’ve done price predictions for Bitcoin, Ethereum, Dogecoin, Shiba Inu, dYdX, EOS, Saitama, Loopring, Decentraland, and Ethereum Name Service.
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However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
If an investor believes in the technology-backed digital currency, then cryptocurrency should be his cup of tea. Just a decade-old asset class, it has yielded astronomical returns over the years. Some investors look to use these digitally coded tokens to hedge against inflation. Despite high volatility and speculations, there are multiple reasons that they can become mainstream in the coming future.
SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
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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’.
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