SafeMoon doesn't tout itself as a cryptocurrency but instead as a DeFi token, a decentralised finance token. DeFi’s aim is to bring about disruption to the financial world and enable people to lend in peer-to-peer networks without needing a physical bank.
The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
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People in the crypto community say it will be the next “Shiba Inu or Safemoon” due to its tremendous growth and expected great things ahead.
The data affected by the leak includes email addresses for about 5 million users. The full names of 2 million users were also leaked.
We’ll go through the several factors that influence demand for a particular crypto, but before we do that, it’s important to note that cryptocurrencies don’t fit comfortably into our existing asset categories.
As with most cryptocurrencies, there have been mixed reviews so far with one reddit user saying: “I completely agree that once they get listed on an exchange this could easily blow up.”
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Then 5% goes to buying back and burning tokens to reduce circulation and increase demand for the token. The buyback and burning process is automated. With every transaction, 5% of the 12% fee goes to the Buyback smart contract, which automatically buys tokens from the liquidity pool and burns them. Therefore, Safemoon members would also want to invest in a coin whose supply is diminishing hence a consistent increase in the price of the coin.
“This is a legitimate technology–it’s going to expand,” he says, “My longer-term view is nowhere near where some of [my current] views are.” It could even perhaps hit $10,000 again, he says. But that will probably take a few years. For now, we wait and see.
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There are currently three broad categories of cryptocurrency: Bitcoin, altcoins, and Tokens.
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And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
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The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.