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Investors that may have once dismissed it, ought now to consider taking part in it
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Like many other meme-based altcoins, Safemoon is a very high-risk investment. If you’re game, read on and find out how to buy Safemoon tokens of your own.
Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin.
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Keep your crypto safe and access your funds seamlessly with the Binance.US multi-crypto wallet. USD deposits are protected by FDIC insurance.
Chargeable gains: Gains and losses on Bitcoin or other cryptocurrencies (which are not within trading profits) are chargeable or allowed for capital gains tax if they accrue to an individual, or for corporation tax on chargeable gains if they accrue to a company.
Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
In a recent report from Kraken exchange, analysts said that the current quarter’s price action has a correlation of 0.88 with the fourth quarter of 2017.
So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana touching all-time highs, the number of traders has also grown exponentially, said market watchers. Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets.
More rich young investors are opting to go without a traditional financial adviser. Instead, they are betting they can get good-enough investment options from do-it-yourself digital platforms that are cheap and easy to use. Many also want to invest in riskier assets, like cryptocurrencies and tech startups.
Early adopters enjoy another five-figure payday as the Ethereum Name Service protocol airdrops its new governance token to domain holders.
These are just two of the crypto coins challenging the dominance of Safemoon, and some like Bitrise are putting up a very tough competition to Safemoon based on the products offered, among many other features. From the powerful wallet to the exchanges, among many other products, the coin is one of toughest Safemoon competitors.
The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention.
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