The name SafeMoon extends to “Safely to the Moon” and auctions itself as a Defi token. This getting to the moon expression was first presented with Dogecoin, and now SafeMoon follows it too. It is a decentralized money token that is like other cryptos such as Bitcoin and means to retouch the occurrence of unpredictability issues, in contrast to different currencies.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the support line of the wedge.
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But how high will Bitcoin go? Bitcoin’s past may provide some clues, according to Kiana Danial, author of “Cryptocurrency Investing for Dummies.”
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Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
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Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at great cost to the environment”, in his Twitter post.
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Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
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Ahead of the SafeMoon wallet release, its eponymous native token’s price was on a steady upward crawl. Beginning the week at $0.00000184, it made its way up to $0.00000365 by August 28. However, this proved a brief moment in the sun for SAFEMOON as two hours after the wallet’s intended release, the price crashed back down to $0.00000292. From this figure, the token’s value has continued to tumble. At time of press, SAFEMOON was down 22.2%, with a value at that time of $0.00000281.
Popular Twitter trader Crypto Chase said "well done Binance U.S." and sarcastically commented that it's a "good thing Americans are forced on to these dogs**t exchanges where they can get completely scammed on unreasonably thin books."
Barberis, N., A. Shleifer, and R. Vishny (1998), “A model of investor sentiment”, Journal of Financial Economics 49, 307{343.
One key thing to look out for is Safemoon to be added as a tradeable asset by a major broker or crypto exchange. Many of the best trading platforms will allow users to request assets to be added to the platform. If a request gets enough traction, the platform may look into its viability and then decide whether or not to add it.