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What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin
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SafeMoon had a very promising launch and maxed out at an impressive market price of $0.00001375. Many tokens and coins have price spikes soon after launch as this is the time when interest is at its peak for new potential investments. Investors were hoping that the market price would settle somewhere around this level and continue to rise at a more sustainable rate. Unfortunately, this was not the case, SafeMoon witnessed its market price continuously drop until it was priced around $0.000003458.
However, you’ll likely misplace your virtual wallet or lose your coins. There have also been thefts from the websites that exist to store cryptocurrency on the internet. Because the value of cryptocurrencies like Bitcoin can fluctuate dramatically, some people are hesitant to convert “real” money into Bitcoin.
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Cryptocurrency(c) 2021 BloombergNick Baker, BloombergUpdated: October 22, 2021 9:31 am IST
Speculators in the crypto community continue to describe Brooks move as a stepdown, however, in terms of company size and brand awareness in the crypto space considering his office as CEO of Binance US previously.
The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
In recent days, the company has stopped those in Singapore from making trades on their platform, reacting to a tightening in regulations locally. While Binance remains the most preferable of the two platforms currently, it is important to remember that changes such as these have an effect on which may come out on top.
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If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extensions to get started. These browser extensions give you password-protected access and control over all your tokens.
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Nelson primarily invests in low cost index funds because “I can see history on that,” she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.