Bitcoin was trading 3.7% higher Friday morning. The price was around $61,200 per coin.
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
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Binance CEO Changpeng Zhao insisted that the long-term pay-off will be worth any compromise.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
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Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
In May 2021, at the Ethereal Virtual Summit, CZ reiterated his stance that Binance has no central headquarters when he said the following:
The Bitrise platform has created incredible products that are exclusively available for their users. This high growth rate makes the token grow bullish, attracting communities worldwide, including Shiba Inu coins like Dogecoin and Safemoon community members.
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Currently, the price of Safemoon is hovering around the $0.0000014 level. This is around 90% down from the heights the coin reached in April 2021.
HAVANA (AP) — Cuba's government said Thursday it will recognize — and regulate — cryptocurrencies for payments on the island.
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This is one of the very few cryptocurrencies that reached their peak after 2017 – a year in which there was a big bull market and many cryptocurrency prices rose to their peak, then plateaued before the prices started to fall again. However, unlike many other coins, Binance Coin continued to experience a slow and consistent upward trend after 2017. As stated in an assignment writing service, this coin’s consistent and stable performance is one of the reasons it is regarded as a stable investment option because it poses fewer risks.