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A cryptocurrency analyst at the YouTube channel “Broke Man Finance” has analyzed the SafeMoon price trend and predicted that the token would likely hit a new all-time high soon.
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Accounts that hold vast amounts of a cryptocurrency may begin to sell, causing prices to plummet. These accounts are known as whales because they have a significant position and can influence the market if a group of people agrees to sell crypto assets.
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Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.
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But, why do individuals mine cryptocurrency? The most obvious answer is that some people seek a second source of income and others want more financial freedom without the interference of governments or banks. For instance, crypto miners verify the legitimacy of transactions in exchange for Bitcoin as a reward for their efforts.
According to analysts’ forecast, SafeMoon price will hit the $1 level soonest as the price has been showing bullish momentum, steadily moving up since the beginning to attract more buyers. Despite the escalation in SafeMoon cryptocurrency, analysts are cautiously looking at the cryptocurrency market outlook due to the recent drop in crypto prices to their support levels.
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One example is the negative correlation that occurs between Ethereum and its associated factors around June 2016 (left facing arrows at the top and just left of the horizontal middle of the Ethereum scalograms). During this time interval, one of the most well-known applications at the time, the DAO, built on top of the Ethereum environment, was hacked. It can be seen that all factors are negatively correlated in the short term with the price during this time interval. As a result of the uncertainty generated by the hack, price dropped sharply, but activity on social media and interest increased (causing the negative correlation). The negative relationship can be seen during the 2–4 day band for all factors.
Bitcoin’s new all-time high at $69,000 and Ether’s slow climb toward $5,000 are clear signals that bulls are in control and a hint that altcoins intend to follow.
As this platform does business as a separate entity from Binance, the users’ digital assets will be stored in Binance.US wallets only.
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Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrencies.
Investors should continue to hold and not worry about the fluctuations, like Danial, who says she’s not “jumping on the hype.”
It’s definitely possible that the SafeMoon price can reach a dollar in value at some point in the future. However, it’s worth pointing out that even the most optimistic long-term SafeMoon price prediction sees it valued at less than a cent in seven years from now. Currency.com