“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
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Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.
It’s impossible to determine at this point whether SafeMoon is a riskier investment than any of the other 4,000 or so active cryptocurrencies. Crypto skeptics like Megan Horneman, direct of portfolio strategy at Verdence Capital Advisors, warns investors to steer away from all digital coins, since they have no underlying assets and are threatened by regulatory oversight.
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The launch of NYCCoin follows MiamiCoin, which to date has earned more than $21.3 million since its August 2020 launch, the nonprofit said.
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Although this may seem like a negative, it actually means that if the Safemoon cryptocurrency were to showcase extreme growth, then any investments right now would be in at the ground level. Right now, the attention surrounding Safemoon is mainly negative, as many cryptocurrency market commentators are claiming that the token has no actual use except to make the development team and certain investors rich.
Although it’s theoretically possible for a new blockchain copy’s previously unverified transactions to be entirely fee-free, this almost never happens in practice.
While still on the tokenomics, Safemoon does not offer investors better returns than competing companies like Bitrise. That's the reason why over the last few weeks, there has been a mass movement of Safemoon community members joining Bitrise. This includes Safemoon whales. One of the reasons for this movement is better ROI from Safemoon competing coins.
The difference is that stellar wants to target the unbanked, whereas Ripple works mostly with global banks to transfer money among clients at very low cost. Ripple holds all the cards in this corner of the crypto market.
This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales.
Keeping abreast of cryptocurrency news and watching the patterns of trading is key to gain an understanding of each coin. For more information on how to do this effectively, look at our Guide to Day Trading Bitcoin and Other Cryptocurrencies.
— Allie Caccamo is now an associate doing tech policy strategy at Christoff & Co. She most recently was an account coordinator at Allison+Partners.
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The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.