It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
It remains to be seen if Decentraland turns into the next meme coin of choice for retail investors, but it has lately picked up some traction from Reddit users via threads.
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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.
In this articleWhat Does This Price Drop Mean for Crypto Investors?What If You Haven’t Yet Invested In Crypto?What’s Behind the Latest Bitcoin Drop?
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.
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
SafeMoon at the time of publishing was trading at $$0.00000397 and is down -3.6% in the 24-hours day trade. Saitama Kitty Spikes 155% on the First Day of its Launch, Doubles Investors Money in 24-Hours Elon Musk Offloads More Than $1.1 Billion in Tesla’s Stock After Controversial Twitter Poll This Country Has the Highest Number of Crypto Investors, Breached the 100 Million Investors Mark
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Nelson primarily invests in low cost index funds because “I can see history on that,” she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.
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In other words, if you're waiting for Safemoon to hit $1, you'll likely be waiting for a long time.
One follower recommended meme coin Dogecoin, in response to which Karony said that he is also a fan and they are “working on implementation.” Others requested stablecoin Tether, while yet another follower requested a feature that warns users if they are about to transfer funds to “flagged scam BSC or ETH addresses.”
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
World's largest cryptocurrency Bitcoin was trading over 4% higher today. The price of Bitcoin rose 4.63% to $68,351 on Coinmarketcap. Market cap of the cryptocurrency reached $1,288.07 billion.
A look at recent charts shows that Safemoon has been on a downtrend since early November. Safemoon has also not been doing very well since its last all-time high around April 21, 2021. Despite rising in mid-May, the next time Safemoon saw bullish growth was at the end of October.
Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.