He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
From finding a solution to producing renewable energy and solar energy through turbines in Gambia, to upgrading the platform to V2 for enhanced security, SafeMoon has pulled the right cards at the right time in a short period.
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Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
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As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.
It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Binance represents the collection of a huge number of customers all over the world. Naturally, this means that the Binance international exchange has a very large liquidity pool. As the world leader in centralized exchanges, Binance also has a world-leading liquidity pool. In May of 2021, the crypto exchange recorded a spot trading volume of $1.5 trillion.
Perhaps a bit odd, then, to decide to chart crypto prices against US Covid cases rather than global cases, given crypto is traded globally.
SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
According to the victim's mother, Delia Berry, the alleged suspect was close with the family at one point.
This is just one example, but it definitely highlights the difference between trading on Binance and Binance.US. Although small traders won't make much of an impact on either exchange, all else being equal, most traders would prefer to trade against the larger book, rather than the smaller one.
“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it — they were excited to be so popular.”
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.
China makes all crypto currency transactions illegal after ordering shut down of Bitcoin mining in Sichuan province
Despite this incident, crypto industry experts keep speculating about where Bitcoin's price is headed next with some suggesting it will soon hit $80,000. This past Friday, Bloomberg reported Bitcoin was headed for $80,000 to $85,000, while a crypto data expert said resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.