It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to some time ago. This is just one sign that Safemoon is in deep trouble.
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Dogecoin, founded in 2012 as a joke, has drawn widespread attention from high-profile personalities such as billionaire entrepreneur Elon Musk and rapper Snoop Dogg.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.37 (£1.75) in a 16% increase on the last 24 hours, XRP Ripple was up 2.39% at $1.27 (£0.937129) and Solana at $244.80 (£180.39) as of 2.50pm on Tuesday.
From finding a solution to producing renewable energy and solar energy through turbines in Gambia, to upgrading the platform to V2 for enhanced security, SafeMoon has pulled the right cards at the right time in a short period.
Additionally, 4JNET has its smart contract audited by a world-leading blockchain network security firm. CertiK is known for working with big platforms. Their portfolio includes providing audit services for Binance, Huobi, and OKEx, in addition to blockchain ecosystems like Ethereum, Terra, and Neo.
Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them. Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
A layer-one smart contract platform, Fantom, is another take on smart blockchain commonly represented by Ethereum, Solana and the likes. However, its compatibility with the ERC20 standard ensures that users can purchase an Ethereum-compatible FTM token, which can be converted to a native FTM compatible token once they initiate a transfer to their wallet.
Coinbase saw its trading volume suffer a steep drop, driven primarily by lower levels of volatility, despite the listing of dogecoin and shiba inu.
Difficulties impacted all three SafeMoon wallet products - its Android and iOS versions, and the website's buy and swap function.
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The blockchain thus prevents double-spending, or the manipulation of cryptocurrency code to allow the same currency units to be duplicated and sent to multiple recipients.