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Shortly after achieving these astronomical new heights, Bitcoin’s price fell back toward $62,700 before recovering slightly to around $64,500, while most altcoins endured near double-digit losses.
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Often, they coordinate with these outlets and have a few moles in the forums whose sole purpose is to get people excited about their projects so more start buying their coins, causing the price to rise.
The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
"Play-to-earn" cryptocurrency is where people buy tokens to use in online games and can earn more tokens which can later be exchanged for other cryptocurrencies or national currencies.
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So what should crypto investors do in light of this latest increase? Nothing, according to the experts we’ve talked to. Given the crypto’s history of volatility, this increase doesn’t guarantee a long-term reversal. Bitcoin’s price is just as likely to fall back down as it is to continue climbing. The price swings are going to keep happening, and experts say they’re something long-term crypto investors will have to continue dealing with.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.
Campbell, J. Y. and R. J. Shiller (1988), “Stock prices, earnings, and expected dividends”, The Journal of Finance 43 (3), 661–676
"Letting you all know that I have resigned as CEO of ??@BinanceUS," Brooks wrote on Twitter. "Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
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If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extensions to get started. These browser extensions give you password-protected access and control over all your tokens.
SafeMoon has established a fast, reliable network and works with the user experience of the product. The SafeMoon Protocol is a community-driven and fairly launched DeFi Token. Three functions occur during each trade: Reflection, LP Acquisition, and Burn. These features can help the SafeMoon coin gain a much higher price of $0.000015. If the drive for functional crypto continues into 2023, the price may even see a paradigm rush.
Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.