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“I’ve been through the 2017 cycle, too,” Yang says, referencing the ‘crypto crash’ of 2017 that saw many major cryptocurrencies, including Bitcoin, lose major value. “I know that these things are super volatile, like some days they can go down 80%.”
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Mooncraft is a Minecraft server that we use as a test bed for integration with Safemoon and other technologies. It features several game modes, active development, and new proprietary technology.
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
Yearly PLAN
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
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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.
"There are a lot of things in flux, but I would say [we'll launch] in a month or two," Zhao, better known as CZ, told Cheddar in an interview Wednesday.
First launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team.
Bitcoin is the oldest and most well-known crypto token that you can buy, and in the last 24-hours, its value has changed by -3.90%. It was priced at ₹54,40,140, according to CoinSwitch, and is now at ₹52,27,858. Bitcoin’s market cap is now ₹91.6T.
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These are just some of the reasons Bitrise crypto coin has hit the $200m market cap so fast. The token has exciting features that are appealing to thousands of crypto investors. With the upcoming staking process and launch of the revenue sharing program, the coin's market cap is projected to jump even higher.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
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Additionally, crypto regulation outside the U.S. has changed over time, based on evolving regulatory guidelines. The fifth Anti-Money Laundering Directive from the European Union, for example, entails that crypto buying, selling and other operations must comply with certain guidelines in certain regions.