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.
Dogecoin has added nearly 3 percent over the last day and is priced at $0.28. In the last week, it has climbed over 2 percent.
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Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
One key point to note about Safemoon crypto is that the developers haven’t really described any real-world use cases yet. The Safemoon protocol was hyped hugely by celebrities back in May, causing retail investors to jump on the bandwagon and push price higher. Following this, the price fell dramatically, leading many to claim that Safemoon was a ‘pump and dump’ scheme designed to make certain investors rich.
How the price of Ethereum will change in the future is impossible to know for certain.
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Although Binance has the edge over Binance.US in most categories, Binance is only available to customers who live outside the United States. US citizens that still wish to trade with Binance are only permitted to open an account with Binance.US.
There are hundreds of cryptocurrency exchanges already, and dozens based in the U.S. Trade volume on Binance is currently $1.2 billion compared to $660 million on Coinbase Pro, $355 million on Kraken, $75 million on Gemini and $47 million on Poloniex, according to CoinMarketCap as of publication. About 20 percent of traffic to Binance.com comes from the U.S., according to research from The Block.
Bitcoin (BTC) is the preeminent cryptocurrency and the first to be used widely. However, hundreds of cryptocurrencies exist, and more spring into being every month.
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Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
Accounts that hold vast amounts of a cryptocurrency may begin to sell, causing prices to plummet. These accounts are known as whales because they have a significant position and can influence the market if a group of people agrees to sell crypto assets.
There's already a meme coin named after Elon Musk's new Twitter handle - and it jumped 825% in its 1st day of trading