Its website carries the slogan ‘Safely to the Moon’ - a play on the phrase first mooted by WallStreetBets on Reddit in an attempt to hype up the price of Dogecoin.
To investors hunting for the next Dogecoin, the more than 19,000 per cent price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
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Replying to a tweet about an underwater mud volcano, he wrote: "Cover story for Godzilla obv."
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The price of Bitcoin rapidly plunged about 87% on Binance's U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been.
Zhao tweeted on Friday "I remain confident in Binance.US’s business and its commitment to serve its customers and innovate." He added that "this transition will not impact Binance.US customers in any way." post share tweet print email Filed Under: Retail, Regulations & Policy Editors' picks Card companies go green, but hurdles remain
Its founders have been holding ‘Ask Me Anything’ sessions to reassure potential investors of its legitimacy due to the unregulated nature of cryptocurrencies.
He likens the drop to the stock market crash of 1987, from which the markets took months to recover. But because crypto moves a lot faster today than equities did in the 1980s, Noble says we may see a quicker recovery.
After that, five percent of the tax is then allocated to people who still own SafeMoon currency. This is to prevent the price from dropping as people start selling the token.
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Ethereum Dropped After Setting Another New All-Time High. Here’s What Investors Should Do Next
While it shares characteristics of both currency and investments, there’s still debate among experts about whether cryptocurrency is clearly one or the other.
Among the crypto coins likely to upset Safemoon is the Bitrise coin, which is the fastest growing crypto as of writing. The coin was launched at the end of July. Shiba Inu is another coin that has been doing very well since it was launched in August. However, experts have put Safemoon against Bitrise, which is now being taunted as the next 'Safemoon.'
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It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
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