Launch of crypto-linked investment fund lends ‘professional’ edge to swashbuckling asset class
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
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"With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
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However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.
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Time will tell whether this is the case, but right now, the Safemoon price is trading pretty close to where it was in April 2021, right before the massive price increase. Since the all-time high of $0.00001094 back in May, the Safemoon price live dropped over 87%. Furthermore, the trading volume is extremely low, with CoinGecko reporting that just over $3.5 million worth of Safemoon was traded in the last 24 hours.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
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Cryptocurrency markets move according to supply and demand. However, as they are decentralised, they tend to remain free from many of the economic and political concerns that affect traditional currencies. While there is still a lot of uncertainty surrounding cryptocurrencies, the following factors can have a significant impact on their prices: Supply: the total number of coins and the rate at which they are released, destroyed or lost Market capitalisation: the value of all the coins in existence and how users perceive this to be developing Press: the way the cryptocurrency is portrayed in the media and how much coverage it is getting Integration: the extent to which the cryptocurrency easily integrates into existing infrastructure such as e-commerce payment systems Key events: major events such as regulatory updates, security breaches and economic setbacks
Very generously our tweeter credits another crypto fanatic for the remarkable analysis, who had drawn up his own chart just days earlier:
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
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