It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.
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But to understand the dynamic that led to this year’s depressing year for crypto, we actually should start a few years before 2018. In bitcoin’s early days, Mt. Gox was the go-to service for handling transactions. Then, in 2014, it halted transactions and slowly copped to a crypto-hack to the tune of $473 million, the biggest hack of its kind at the time, and it gave many people pause. But it was still early enough for people to believe that the blockchain system was still getting all the technical kinks out.
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.
First launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team.
The former US banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks.
ArrowArtboardCreated with Sketch.ArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter Log out Your Account Log In Sign Up Cayman Islands-domiciled Binance is trying to beef up compliance as oversight of the cryptocurrency sector increases. © Reuters
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’.
livetvarrowprintemailchatlinkedinredditWhatsAppfacebooktwittermorenotificationsearchsnapchatkoo BTC $65,305 ETH $4,753 XRP $1.22 BCH $676 XMR $269.9 DASH $231 EOS $4.97 ZEC $216 ADA $2.095 NEO $49.44 BNB $628 XLM $0.392 USDT $1.0008 MIOTA $1.33 DOGE $0.27 BTC $65,305 -4.35% ETH $4,753 -1.81% XRP $1.22 -7.34% BCH $676 -6.01% EOS $4.97 -6.48% DOGE $0.27 -1.46% BTC/USD “crashes” 87% on Binance’s U.S. platform, drawing irritation from traders who criticized order book depth.
Binance.US can grab investors’ attention with lower fees than many other cryptocurrency exchanges, but we’d recommend paying a bit more for added transparency.
In addition, the hashtag #SAFEMOONWALLET trended on Twitter for days leading up to the intended release. It also made an appearance on a billboard at London’s Piccadilly Circus.
The co-founder of Reddit to partner on $100 million investment to build social media on the solana blockchain
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But whatever new products are produced, they will now have a harder time struggling with acceptance. Whether we like it or not, message and image are important.
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.