Fig 5. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Litecoin and Bitcoin.
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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.
Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
The same goes for the Safemoon exchange compared to the competing exchanges. The number of products that the Safemoon ecosystem will host is less than that of competing parts. In the long run, less revenue will be generated on the Safemoon network, which means the rewards for token staking will be lower compared to platforms like Bitrise.
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Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
Despite having no top celebrity, actors, musicians, and entrepreneurs backing it, SafeMoon has still managed to gain the limelight. Its investors are mostly common folks spread across the world who want a better life for themselves and their families.
Its competitors, Dogecoin and Shiba Inu faced several lows for months and years straight but are at a different position now. SafeMoon could walk the same path as its competitors and would find a ‘breakout’ all of a sudden.
Notes: This figure plots weekly averages of log price and log computing power (log hashrate) of Bitcoin and Ethereum over the period from August 2015 to January 2019. We normalise both time series by subtracting their mean and dividing by the standard deviation.
— Allie Caccamo is now an associate doing tech policy strategy at Christoff & Co. She most recently was an account coordinator at Allison+Partners.
As explained in its roadmap, the SafeMoon team hope to begin a "community listing donation raise for several exchanges" in Q3 2021. As of July 21, this has not yet started.