(Bloomberg) -- To investors hunting for the next Dogecoin, the more than 19,000% price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
It is a meme coin in the same sense as Shiba Inu, but has failed to live up to its promises. SafeMoon is the perfect example of why having a product first is what matters. Investors bought into the token thanks to its promises, and now the token is plummeting. It is a story warning investors of falling for grandiosity.
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Cochrane, J. H. (2005), “Financial markets and the real economy”, Foundations and Trends in Finance 1 (1), 1–101.
For many people, crypto is a type of alternative investment. Just as you can buy and trade stock in public companies, you can buy cryptocurrency with the hope that it will increase in value over time, allowing you to cash out for a profit at a later date. Some people invest in crypto less for the belief that it will become a popular currency and more as a bet on the blockchain technology behind it.
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
Community-driven DeFi token SafeMoon has made it to the top 100 cryptocurrencies by market capitalization. SafeMoon prepares for a comeback with the upcoming V2 upgrade.
Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
It does the work of three appliances — and QVC has it for the lowest price on the web.
Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.
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As mentioned above, 4JNET pays its investors to hold on to their tokens. This is to prevent holders from dumping all of their holdings at the same time, thereby crashing the price of the asset. One way that 4JNET does this is through its decreasing service charge mechanism.
Our Safemoon price prediction for 2022 sees the coin reach a valuation of $0.0000060, which is around the same as it was in late May 2021.
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Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
Difficulties impacted all three SafeMoon wallet products - its Android and iOS versions, and the website's buy and swap function.
Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
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