The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
If this type of extreme drop bothers you, you may have too much riding on your crypto investments. You should only invest what you’re OK losing. But even if the drop is making you rethink your crypto allocations, the same advice still stands — don’t act rashly or upend your strategy too quickly. Reconsider what you might be more comfortable with going forward, such as allocating less to crypto in the future or diversifying through crypto-related stocks and blockchain funds rather than directly buying crypto (though you should still expect volatility when cryptocurrency markets fluctuate).
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“I haven’t encountered many who would try to put up more barriers for new users,” said Maria Shen, a partner at Electric Capital, a venture capital firm focused on cryptocurrencies. Still, she added, “the wallet space is fairly competitive, so it’s not unthinkable.”
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There are currently three broad categories of cryptocurrency: Bitcoin, altcoins, and Tokens.
Now the country’s central bank, People’s Bank of China, has effectively banned digital coins after announcing all transactions of cryptocurrencies are illegal.
Like many other meme-based altcoins, Safemoon is a very high-risk investment. If you’re game, read on and find out how to buy Safemoon tokens of your own.
Cryptocurrency is formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems to earn coins. Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets.
Binance begins to restrict US users ahead of regulatory-compliant exchange launch
Hank Wyatt, SafeMoon’s vice president of research and development, said in a Discord chat that the team will eventually “host an open beta” version before releasing the full application.
The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
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In June, SafeMoon launched a beta version of SafeMoon Wallet, a place for storing and trading coins and required applicants to sign non-disclosure agreements.
Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.