Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.
As of November 9, SafeMoon has 2,865,000 holders. There has been a consistent rise in the number of SafeMoon holders over the past two months.
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Bitcoin mining is raising concerns about its negative impact on the environment. According to the Cambridge Bitcoin Electricity Consumption Index, the industry consumes more electricity than the Netherlands and slightly less electricity than the United Arab Emirates.
So far, the main thing that has driven Safemoon has been the hype generated by celebrity backing. Celebrities such as Jake Paul, Afrojack, and Keemstar have also promoted the coin this year, leading to significant price increases.
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The BOBA token is a governance token by OMG Foundation to support the BOBA network. It can be staked for rewards. The airdrop will happen possibly one week after the snapshot. The Boba network will confirm the participating networks later. This is a move to incentivize the use of the Boba network just so the customers know they are being adequately rewarded. This is in alignment with Boba’s network goal of becoming a community-driven, dece-bobantralized project. David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
Miami Mayor Francis Suarez, who just secured a second term this week, said he will accept his entire salary in bitcoin. Biden admin regulating stablecoins pushes back against financial 'freedom': Ex-Interior Department attorney
A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.
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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".
Although mining periodically produces new cryptocurrency units, most cryptocurrencies are designed to have a finite supply — a key guarantor of value.
Many lesser-used cryptocurrencies can only be exchanged through private, peer-to-peer transfers, meaning they’re not very liquid and are hard to value relative to other currencies — both crypto- and fiat.