The exchange is cutting off Chinese users and will lose a third of revenues from next year, co-founder tells FT News
SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
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This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
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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LUMMIS: We want the innovators to innovate. We want to create a space where the United States is the leader in opportunity for the creation and use of digital assets.
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Home / Markets / Cryptocurrency / This cryptocurrency zoomed over 70,000% in just 24 hours This cryptocurrency zoomed over 70,000% in just 24 hours Premium The crypto has been very volatile in the past week with huge price swings 2 min read . Updated: 11 Nov 2021, 05:31 PM IST Livemint
According to analysts’ forecast, SafeMoon price will hit the $1 level soonest as the price has been showing bullish momentum, steadily moving up since the beginning to attract more buyers. Despite the escalation in SafeMoon cryptocurrency, analysts are cautiously looking at the cryptocurrency market outlook due to the recent drop in crypto prices to their support levels.
And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.
Business News › Markets › Cryptocurrency › Top cryptocurrency prices today: Cardano, Polkadot, Dogecoin shed up to 5%
Investors should continue to hold and not worry about the fluctuations, like Danial, who says she’s not “jumping on the hype.”
Mr Karkhalev added: "The growth in the capitalisation of the Bitcoin crypto market has also aided confidence.
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"In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse," he said.
Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
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