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The SafeMoon price is not joining in the broader market rally today and is down about 4%. Over a longer term view, however, SafeMoon is doing just fine. Since October, the SafeMoon price has rallied over 160%. The recent declines could be investors taking some profits off the table in a broader market that is trading at all-time highs.
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There are so many areas Safemoon is falling short. In the products, there is so much competition Safemoon is getting from the likes of Bitrise crypto coin. For instance, Safemoon wallet is deemed inferior to Bitrise dApp wallet.
Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”
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"Nowadays new coins can be listed on decentralised exchanges on the first day they are created, without any regulation or due diligence," said Jinnan Ouyang from Singapore-based crypto company Openmining.
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Early adopters enjoy another five-figure payday as the Ethereum Name Service protocol airdrops its new governance token to domain holders.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.
Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. This expression refers to the price of a crypto asset rising very high over a very short period.
The pair could first drop to $4,146.30 but if this support also gives way, the correction could reach the psychological support at $4,000.
Non-fungible tokens, in contrast to bitcoin, are each unique and cannot be replaced by something else.