You may be wondering what to make of cryptocurrency and whether it has a place in your portfolio. But if you’re not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming.
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There's already a meme coin named after Elon Musk's new Twitter handle - and it jumped 825% in its 1st day of trading
Plus, a short seller’s $1m ‘bounty’ on Tether, more outflows from unloved UK stocks and Tom Stoppard’s Leopoldstadt
Typically, meme coins don’t gain on fundamentals. Instead, they are usually driven by an internet-based joke.
This year we saw a similar fight break out–this time over bitcoin cash. This coin, mind you, is not bitcoin, though it is built on the same architecture. It was created by a group of miners who disagreed with some of the fundamentals of the initial bitcoin system, and so they forked a new blockchain and went their own way. In terms of market capitalization, bitcoin cash has always been one of the top cryptocurrencies–in the ranks of Ethereum and XRP.
A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
Anyway, SafeMoon has been under the eyes of skepticism. Professionals say that it is an unpredictable business to put money into SafeMoon as it isn’t directed by using any particular means. It has been compared with a Ponzi Scheme as most liquidity is claimed by the group. SafeMoon has excused these cynics and has declared its precise path for the coming years. The group intends to coordinate SafeMoon with African Markets, investigate different trades like Binance, and even begin its own trade.
Some speculated the Chinese giant had missed its loan payments, however, Bloomberg reported it paid delayed interest on at least two loans to avoid a default.
The billionaire founder of Citadel also expressed bewilderment with Elon Musk's decision to ask Twitter if he should sell 10% of his Tesla stake.
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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But that doesn’t mean it’s completely secure in the same way most people consider the U.S. dollar or other established currencies to be secure. Since cryptocurrency isn’t backed by any governmental authority, it doesn’t have the same protections as many standard currencies throughout the world.
Last but not least, Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another "parabolic move."
SafeMoon is available at dirt cheap price and the coin remains to be low-hanging fruit for investors. Even for a mere $10, investors can get more than 2.5 million tokens. Investors need to make use of the dip and add in bags of tokens, for when the coin reaches a milestone, their investment can spike tenfold.
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