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The SQUID token skyrocketed to a high of $2,861.80 before plunging to zero around 5:40 a.m. Monday. The meme coin's market capitalization hit an estimated $2.2 million, according to CoinMarketCap.
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“I like the word ‘moon,’ because that’s where I want it to go,” Portnoy said in his purchase announcement.
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A blockchain is a shared digital register of recorded data. For cryptocurrencies, this is the transaction history for every unit of the cryptocurrency, which shows how ownership has changed over time. Blockchain works by recording transactions in ‘blocks’, with new blocks added at the front of the chain.
The liquidity pool of a crypto exchange is important because it determines what kind of crypto can be exchanged or traded and how much each trade will change the price. The liquidity pool is the total of all of the currency deposited on the exchange by every trader. If this pool is small, then every transaction can have a noticeable effect on the price of the crypto in the exchange. This instability makes it very difficult for a trader to predict how much of each currency they can get at any given time.
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It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.
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He was referring to the stringent regulation that forced most cryptocurrency exchanges to deploy separate trading platforms for U.S. customers only. Consequently, American crypto traders tend to operate on less liquid cryptocurrency exchanges.
"Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks," he added.
While still on the tokenomics, 4% of the 12% fee is automatically distributed to the token holders every 60 minutes in BNBs. Such active income is attracting many investors, and in the process, increases Bitrise coin market cap.
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And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.