Cryptocurrency. A digital currency secured through cryptography, or codes that can't be read without a key.
Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but that’s always a possibility.
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A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
From the perspective of technical analysis, profit-taking near all-time highs and the need for a retest of lower support levels are normal processes for most cryptocurrencies. In fact, a quick glance over discussions by many analysts and traders on Twitter shows that most expected BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
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Altcoins also sometimes differ in the method of verification used to authenticate transactions. While some altcoins use Proof-of-Work systems, others use Proof-of-Stake consensus, which replaces miners with validators. Proof-Of-Stake mining requires a lot less energy and fewer resources than Proof-Of-Work systems since Proof-Of-Work miners have to do much more ‘work’ to mine blocks.
SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.
“I think it’s really important to keep your eyes open,” Johnson says. “Don’t get the FOMO at a fever, because it’s very volatile. No one should invest anything that they can’t afford to lose, and that’s the same advice I give for any kind of an investment.”
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The billionaire founder of Citadel also expressed bewilderment with Elon Musk's decision to ask Twitter if he should sell 10% of his Tesla stake.
According to Karony, SafeMoon could soon be listed on top cryptocurrency exchanges, increasing the accessibility of the token.
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Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto — along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totalling around US$80 million since October.
Dogecoin price slump continues after Doge co-founder slams cryptocurrencies as 'scam' and China clamps down on crypto mining
The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
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