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Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
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Both Binance and Binance.US are two of the most popular cryptocurrency exchanges on the planet. Although Binance has been around longer and established itself as the king of crypto trading, Binance.US is growing rapidly and appears to be making all the right moves such as hiring Brian Brooks as its CEO.
How tech beyond Wall Street's control pushed big money to embrace once-fringe crowds, from crypto to meme stocks
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Ultimately, the future of cryptocurrencies — their value, security, and staying power — is still up in the air. But the experts we spoke to believe owning some crypto could create value over time. Whatever your interest or motivation, experts stress the importance of making sure you understand the unique volatility and risk factors of cryptocurrency before investing.
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The most fundamental thing you need to understand about Safemoon is that it is not a crypto coin. It is a token that operates on the Binance Smart Chain (BSC). In crypto jargon, a coin is a cryptocurrency that operates on its own blockchain. It is not the same as a token.
Karony likens SafeMoon’s holder payments to the beginnings of businesses like Amazon.com Inc., where “earlier investors receive higher returns and growth because the initial risk they took was higher than those who joined later.”
Consumers could easily assume the advertising of unregulated cryptos has cleared tough hurdles More Cryptocurrencies
"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.
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Leading crypto players in India likely to meet with Indian government next week to give inputs