It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
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According to DogeZilla’s white paper, it has a vault that verifies crypto launches.
And cryptocurrency exchanges are somewhat vulnerable to hacking, representing the most common venue for digital currency theft by hackers and cybercriminals like those responsible for taking down Mt. Gox.
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SafeMoon price has made some astounding progress in October, rallying over 145% from the lowest open in its history on the first day of October to its present new two-month high. After hitting the required $0.0000024 level above the Cloud, SafeMoon spiked on Monday for a gain of over 22%. And it is likely to continue a move higher before facing any resistance.
Despite the massive swing in value on the Binance US exchange, Bitcoin’s value on other exchanges remained stable. There has been speculation on the exact cause of the spike, though Binance offered a short statement to Bloomberg explaining that one of its institutional traders was responsible.
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This question does not have a plain vanilla answer in ‘yes’ or ‘no’, as the government and the central bank still look unsure as to how to deal with this new-age phenomenon. In 2018, The Reserve Bank of India (RBI) came out strongly and kind of banned these tokens in India. Then in 2020, the Supreme Court of India reversed the RBI ban. That move was welcomed by the crypto exchanges and investors throughout the country. After this, Indian banks have tried to curtail transactions with crypto-exchanges as, in their view, they are governed by RBI. But later, RBI mentioned that banks cannot quote its 2018 ban to customers as it was overruled by the Supreme Court, paving the way for crypto trading to continue in India.
Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".
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And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
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Palantir's (NYSE: PLTR) stock price tumbled 9% on Tuesday after the data-mining firm posted its third-quarter earnings. The pullback was a bit surprising since its growth rates looked healthy and it offered rosy guidance for the full year.
Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.