Although this may seem like a negative, it actually means that if the Safemoon cryptocurrency were to showcase extreme growth, then any investments right now would be in at the ground level. Right now, the attention surrounding Safemoon is mainly negative, as many cryptocurrency market commentators are claiming that the token has no actual use except to make the development team and certain investors rich.
“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”
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Investors need not worry about these stocks, yielding from just over 3% to nearly 9%, being yield traps.
Safemoon is a token on the Binance Smart Chain rather than a coin on its own blockchain. This fact makes purchasing Safemoon very easy. You can swap other tokens for Safemoon on a decentralized exchange (DEX) like PancakeSwap on the BSC.
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Binance relocated from China to Japan and Taiwan, then eventually Malta. Eventually, founder Zhao—often referred to by insiders simply as CZ—declared that Binance had no headquarters, in the same sense that bitcoin has no headquarters.
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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.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
Binance has recently attracted regulator attention around the world. While Binance.US is a separate legal entity from the main Binance platform, it is 90% owned by Changpeng Zhao, who started and controls Binance.com, the world’s largest cryptocurrency exchange. The NYT said it was regulatory attention in the U.S. over money laundering and tax issues combined with the common ownership that concerned potential investors. GreatPoint Ventures confirmed to the NYT it considered investing and declined.
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A secure place to store and trade your SafeMoon. Some features include Wyre integration, dark mode, contacts list, hold to cancel, and haptic feedback.
WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.
Regulatory announcements can also affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything you’re not OK with losing.