Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
The goal is to keep the average interval between new blockchain creations steady at a predetermined level. Bitcoin’s is 10 minutes, for instance.
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Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.
The SafeMoon wallet, which is live on iOS has seen over 600,000 downloads. And the SafeMoon holders count has surpassed the 2,850,000 milestones. Meanwhile, the SafeMoon Exchange aims to bring tokenomics to all of the cryptos on its platform, which is in the pipeline. The makers refer to it as “Cryptonomics”. SafeMoon ranks among the top De-Fi projects by social activity as of 04th November 2021.
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The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.
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The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
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Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)