For more on trending cryptocurrencies, check out the latest on Save Planet Earth, IOST, Bonfire, Arweave, and TrueFi.
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.
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But this time feels different. It feels like a bubble. The fever in the post-Thanksgiving moonshot ran hotter than we’d seen before. We also began to see a robust supply response.
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Profit-booking near the resistance line pulled the price back toward the critical level at $49.54 on Nov. 9. The strong rebound off this level on Nov. 10 suggests that bulls are defending this level with vigor.
To investors hunting for the next Dogecoin, the more than 19,000 per cent price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
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Early cryptocurrency proponents shared the goal of applying cutting-edge mathematical and computer science principles to solve what they perceived as practical and political shortcomings of “traditional” fiat currencies.
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.
Dow, at the time, simply could not come up with a good reason for the crypto’s insane performance. The only logical explanation: It’s a bubble. His views were especially prescient. He told Bloomberg this month that he made a profit twice due to this canny call.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
SafeMoon price struggles to establish a clear floor after pulling back nearly 50% from the all-time highs it established in late October. Last Friday showed some evidence that a continuation move higher may occur, but that quickly fizzled out.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
But the industry is only in its infancy and constantly evolving. It’s difficult to predict where things are headed long-term, but in the coming months, experts are following themes from regulation to institutional adoption of crypto payments to try and get a better sense of the market.
The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
Cryptocurrencies and decentralised finance tokens are also highly volatile, so your cash can go down as well as up in the blink of an eye.
“Some people just didn’t like it, and I understand that,” Karony said in the interview. “The points that I wanted to come across, we just weren’t able to actually tell people in a structured manner.”