Safemoon crypto recently began to spike in price after the developers announced a new cryptocurrency wallet. The Safemoon digital currency wallet is coming soon and the project has been heavily advertising it. With this extra string in its bow, many are rushing to invest in the native Safemoon altcoin.
In the last 24 hours, Bitcoin peaked at a new record high price of $68,568.85 according to Coinbase.
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The SafeMoon wallet, which is live on iOS has seen over 600,000 downloads. And the SafeMoon holders count has surpassed the 2,850,000 milestones. Meanwhile, the SafeMoon Exchange aims to bring tokenomics to all of the cryptos on its platform, which is in the pipeline. The makers refer to it as “Cryptonomics”. SafeMoon ranks among the top De-Fi projects by social activity as of 04th November 2021.
“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
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No matter if crypto is going up or down, the best thing you can do is to not look at it. Set it and forget it like you would any traditional long-term investment account. “If you let your emotions get too much into it then you could sell at the wrong time, or you might make the wrong decision,” says Yang. “You stress out about it, and I don’t think that’s a healthy way to approach it.”
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.
Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money.
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Essentially it is very hard to tell which firms are real and which ones are scammers.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
The cryptocurrency’s price began to surge on Sunday night (7 November) as investors pumped the price from $62,319.98 at 8pm to $66,101.46 by 10am on Monday morning.
Technically, it broke out of its descending triangle consolidation zone in the first week of November, followed by two important resistances at $62,500 and also at $63,500. This makes it bullish for the short term as well & these resistances will now act as support, above which one may enter long positions in BTC.
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The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).