The majority of the crypto currency market saw prices crash once more on the morning of 22 June following China’s clampdown on digital currencies.
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The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.
With the V2 upgrade, SafeMoon contracts will have additional use-cases, driving the token’s adoption higher.
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However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
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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.
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SafeMoon is targeting greater adoption and additional use cases with the launch of V2.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
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Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
These are just two of the crypto coins challenging the dominance of Safemoon, and some like Bitrise are putting up a very tough competition to Safemoon based on the products offered, among many other features. From the powerful wallet to the exchanges, among many other products, the coin is one of toughest Safemoon competitors.
Taking everything into consideration, our Safemoon price prediction 2025 is still relatively optimistic about this token. As there doesn’t seem to be any real-world utility yet, which is why people buy Cardano and other useful cryptocurrencies, it’ll likely put off investors from placing large amounts of capital into the project. For that reason, we’d imagine a modest price rise to $0.000025 by 2025.