Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
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Traders have flocked to the new currency and it has seen a 910 per cent increase in price since April 16 to April 20.
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SafeMoon had a very promising launch and maxed out at an impressive market price of $0.00001375. Many tokens and coins have price spikes soon after launch as this is the time when interest is at its peak for new potential investments. Investors were hoping that the market price would settle somewhere around this level and continue to rise at a more sustainable rate. Unfortunately, this was not the case, SafeMoon witnessed its market price continuously drop until it was priced around $0.000003458.
SAFEMOON launched earlier this year - and it's already attracting attention from cryptocurrency investors.
The token was trading at $1,157.00 Monday morning - 5.3% lower compared to actual Tesla stock, which closed at $1,222.09 on Friday.
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Keep your investments small, and never put crypto investments above any other financial goals like saving for retirement and paying off high interest debt.
It is pretty easy actually. The entire process involves five key steps. They are: a) Choose a crypto exchange; b) Create your account and verify it; c) Deposit the fund and start investing; d) Place you order to buy desired cryptocurrency, e) Select a storage method. However, there are also other ways to invest in cryptocurrencies. These include crypto ETFs (similar to those of gold and other ETFs) or investing in cryptocurrency-related stocks. These options are not so mainstream yet.
Binance begins to restrict US users ahead of regulatory-compliant exchange launch
Brian Brooks, chief executive of the US arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it should be aware there's a risk of losing their entire investment. Sign up to our newsletter for exclusive updates and enhanced content Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Carole Samaha Sends a Message After Meeting Marwan Khoury and His Fiancée... And the Latter Responds Social media links FB Linkedin Twitter
Fundamental analysis is another critical component when investing in cryptocurrency, as it can help determine whether a coin is overvalued or undervalued. In the case of Safemoon, the research we conducted for our Safemoon price prediction found that the coin’s market cap was only $799 million at the time of writing, according to data gathered from CoinMarketCap. This is extremely small for a cryptocurrency and means that Safemoon isn’t even in the top 200 largest cryptos in the world.
GARY GENSLER: This asset class is rife with fraud, scams and abuses in certain applications. There's a great deal of hype and spin about how crypto assets work.
Issuers of tokens that link crypto and traditional markets should function as banks, watchdogs urge
DeFi and NFT expert Rio Rocket told The Sun that he is hearing "rumblings" from investors noting that they are "unable to take large-scale profits."