There's already a meme coin named after Elon Musk's new Twitter handle - and it jumped 825% in its 1st day of trading
The Bitrise coin has been a very aggressive coin in the crypto market in the last few months. Since the coin hit the market in July, the value growth has been impressive. The first investors who bought the token are now sitting at thousands and millions of dollars in profit.
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During the lag time between the transaction’s initiation and finalization, the units aren’t available for use by either party. Instead, they’re held in a sort of escrow — limbo, for all intents and purposes.
Security is the highest priority for us when it comes to safeguarding your funds. Store your crypto safely with the Binance.US app.
Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in the statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
With such tokenomics, Bitrise coin is attracting thousands of investors, even from the most popular coins.
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Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10 per cent fee to buy tokens and another 10 per cent to sell — almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation. After 19,000% early gain, crypto SafeMoon’s rules to tamp down selling raise red flags Back to video
Crypto coins use the process of mining and the resulting blockchain as a physical measure of the currency. This is similar to how Reserve Banks used to have gold reserves that backed their fiat currencies.
Experts warn that these can sometimes be a sign of a scam and make it a very high risk investment.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode’s “The Week On-Chain” report. Another positive is that investors continue to withdraw coins from centralized exchanges whose share of supply has dropped to a new record low at 12.9%.
Although rewards are dispensed automatically, EverGrow Holders may actively claim their USDT reward tokens and get those benefits sooner.
This breakout happened in the recent weekend and consequently the uptrend resumed and Bitcoin is now on way to challenge its previous life high yet again.
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Investors need not worry about these stocks, yielding from just over 3% to nearly 9%, being yield traps.