SAFEMOON launched earlier this year - and it's already attracting attention from cryptocurrency investors.
The reason behind such revolutionary growth is originally the team behind this project. Its impressive growth is evident from the fact that in just 1 month of launch, it has reached 45k holders and has already paid out $8 Million in reflection to holders of its native token, $EGC. With such an outstanding track record, the project has also clinched the market cap of $600 Million, which is remarkable.
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Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.37 (£1.75) in a 16% increase on the last 24 hours, XRP Ripple was up 2.39% at $1.27 (£0.937129) and Solana at $244.80 (£180.39) as of 2.50pm on Tuesday.
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From the perspective of technical analysis, profit-taking near all-time highs and the need for a retest of lower support levels are normal processes for most cryptocurrencies. In fact, a quick glance over discussions by many analysts and traders on Twitter shows that most expected BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
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One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought US$40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
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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.
Crypto coins use the process of mining and the resulting blockchain as a physical measure of the currency. This is similar to how Reserve Banks used to have gold reserves that backed their fiat currencies.
While Digitalcoinprice expects it to reach $0.0000056193 this year and $0.0000166265 in 2028.
“YOU’VE CRASHED #SAFEMOON THERES NO OTHER WAY TO SAY IT. WE WILL UPDATE YOU AS SOON AS POSSIBLE […] WE CAN’T WAIT TO HAVE YOU ALL HOME SOON…”
Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.”
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