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SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
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The token is listed on over 12 crypto exchanges and posted a 3% drop in price over the past 24 hours.
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Inspired by the hugely popular Netflix series Squid Game, the tokens had rocketed in value.
The late 1990s and early 2000s saw the rise of more conventional digital finance intermediaries.
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SafeMoon is also preparing to launch a cryptocurrency exchange, which apparently is not tied to V2.
This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
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In 2016, this became apparent with the DAO hack. One way to fix the problem was to implement what’s known as a “hard fork,” which would essentially update the Ethereum-based software to fix the technical gaffe that caused the hack to begin with. But DAO users had to agree to this change, and there were dissenters. Though the hard fork was approved, it created two active blockchains with two different sets of rules. Ultimately, this hack–coupled with the inability to deal with it–caused the DAO to end in 2016.
Despite its success, SafeMoon still remains to be an undervalued crypto among the investors’ community. The coin is still in its initial days as it was launched in March, 2021. Early investors would be rewarded in the long run when the token finds it way into top trading platforms.
Liquidity measures how easy (or difficult) it is to swap one asset for another. Traders want to be able to convert one asset for another asset while having a minimal impact on the price. The more illiquid an asset is, the harder it will be to trade it without causing a major price change. Therefore, liquidity is an extremely important factor to consider before deciding where to trade.
Decentralization is a primary tenet of cryptocurrency. Whereas most currencies are backed by a central bank — the U.S. dollar, for example, is backed by the “full faith and credit” of the U.S. government — cryptocurrencies are maintained and valued by their users.