SafeMoon is one of the most popular new cryptocurrencies of 2021, but can you buy the currency on the Coinbase or Binance exchanges?
Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.
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It was a wild ride for SafeMoon, with its prices exploding in the first few weeks before crashing down.
Wallets can be stored on the cloud, an internal hard drive, or an external storage device. Regardless of how a wallet is stored, at least one backup is strongly recommended.
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
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While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
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We also consider two additional factors that account for the finding that in some periods prices drift away from fundamentals. The first factor is the return of Bitcoin. We argue that Bitcoin, being the largest and most traded cryptocurrency, is the most perceptible to sentiment and speculative trading by investors. Thus, as a factor, it can capture periods when trading forces unrelated to fundamentals are the strongest. The second factor is a cryptocurrency price momentum factor that we construct following the seminal work of Jegadeesh and Titman (1993). Momentum effects have been linked to investor psychology (e.g. Barberis et al. 1998).
Shiba Inu cryptocurrency jumped 50% over the weekend, becoming the 11th-largest cryptocurrency.
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
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