And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.
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SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.
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Its market cap and individual unit value consistently dwarf (by a factor of 10 or more) that of the next most popular cryptocurrency. Bitcoin has a programmed supply limit of 21 million Bitcoin.
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Speculators in the crypto community continue to describe Brooks move as a stepdown, however, in terms of company size and brand awareness in the crypto space considering his office as CEO of Binance US previously.
Stock, J. H. and M. W. Watson (1993), “A simple estimator of cointegrating vectors in higher order integrated systems”, Econometrica, 783–820.
Now that you’ve got an idea of what Safemoon is and its background, we can focus on the coin’s long-term outlook. Most beginner crypto investors simply buy Bitcoin (BTC) or Ethereum (ETH), although lesser-known coins such as Safemoon can be better options if you are looking for quick returns. However, that being said, these options tend to be much riskier, so this will depend on your risk tolerance.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
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The SafeMoon price is not joining in the broader market rally today and is down about 4%. Over a longer term view, however, SafeMoon is doing just fine. Since October, the SafeMoon price has rallied over 160%. The recent declines could be investors taking some profits off the table in a broader market that is trading at all-time highs.
Bitcoin is the world’s most widely used cryptocurrency and is generally credited with bringing the movement into the mainstream.
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Bitcoin’s price has taken a wild ride so far in 2021, and in November set another new all-time high price when it went over $68,000. This latest record high follows previous high points over $60,000 in April and October, as well as a summer drop to less than $30,000 in July. This volatility is a big part of why experts recommend keeping your crypto investments to less than 5% of your portfolio to begin with.
With such tokenomics, Bitrise coin is attracting thousands of investors, even from the most popular coins.
SafeMoon’s upcoming upgrade, V2, is expected to enhance the token’s security, quality and accessibility. The SafeMoon community widely anticipates the launch of the V2 upgrade, and investors expect SafeMoon to recover from the recent drop in price.