One of the key principles of smart investing is: Never invest in anything you don't understand.
Holders of the meme tokens are not giggling anymore. Shiba Inu promised to deliver a whole world of DeFi popularity, but its bark has largely remained worse than its bite. It might be time to take whatever gains you have and get out of this digital currency before people get tired of the dog-themed crypto.
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“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
Atlanta, US, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The crypto world is changing every day. We have seen many successful new cryptocurrencies exploding like DOGECOIN & SAFEMOON. The growth of the crypto market is providing ordinary investors with exponential returns and more unique opportunities to grow their wealth. SAFEMOON, which initiated with an initial supply of 777 trillion, and has a shallow market cap, is one of the most successful stories in the crypto world. An initial investment of $1,000 in SafeMoon would now have been worth around $3.5 million.
But to understand the dynamic that led to this year’s depressing year for crypto, we actually should start a few years before 2018. In bitcoin’s early days, Mt. Gox was the go-to service for handling transactions. Then, in 2014, it halted transactions and slowly copped to a crypto-hack to the tune of $473 million, the biggest hack of its kind at the time, and it gave many people pause. But it was still early enough for people to believe that the blockchain system was still getting all the technical kinks out.
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.
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That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
Dogecoin, meanwhile, was trading up by less than one percent on the last 24 hours at $0.28 (£0.21) on Tuesday afternoon.
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Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.
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Dogecoin, meanwhile, was trading up by less than one percent on the last 24 hours at $0.28 (£0.21) on Tuesday afternoon.
Pagnotta, E. and A. Buraschi (2018). “An equilibrium valuation of Bitcoin and decentralized network assets”, Working paper .