And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.
So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.
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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.
Unlike traditional payment processors, such as PayPal and credit cards, most cryptocurrencies have no built-in refund or chargeback functions, although some newer cryptocurrencies have rudimentary refund features.
Yes, you can invest in cryptocurrencies using Indian currency, but you cannot use cash for the payment. Every investor needs a bank account linked to the crypto account to add money and make a digital payment. Only KYC-approved users can make such payments. Investors should note that exchanges charge some fees when you make an investment and redeem it. The fee levied may vary from one exchange to another, and from one currency to another.
Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
CryptoTV by CoinSwitch Kuber | Anirudh Rastogi-Founding and Managing Partner - Ikigai Law
While still on the tokenomics, Safemoon does not offer investors better returns than competing companies like Bitrise. That's the reason why over the last few weeks, there has been a mass movement of Safemoon community members joining Bitrise. This includes Safemoon whales. One of the reasons for this movement is better ROI from Safemoon competing coins.
The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, also known as CZ, warned about incoming volatility.
“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
You can't ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls
Dow, the man who first shorted bitcoin, for instance, even mentioned in his initial post that a person can be “simultaneously bullish on blockchain and bearish on bitcoin.” And he just announced that he’s ending his short.
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Registering an account on Binance.US is a relatively straightforward affair and includes providing a user’s email address and password and interacting with a verification email.
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— Emergent BioSolutions has promoted Assal Hellmer to senior director for business communications, and Matt Hartwig to senior director for media relations. The firm also announced Katherine Getty has been promoted to director for federal government affairs.
The United States has many crypto users and owners within its borders. That means that it is a valuable market for Binance. That is why the company was willing to take the steps and suffer the expense of creating a version of the exchange just for one country.