New York, New York – (Newsfile Corp. – November 11, 2021) – Safemoon has a tough challenger, Bitrise Coin. There hasn’t been any very positive news about Safemoon in the past few months. Safemoon investors are worried about the coin’s performance and its possible downturn to the competition. This means that the future of Safemoon is not what it was in April when Safemoon hit a record price.
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In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, Bloomberg News has reported.
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A look at recent charts shows that Safemoon has been on a downtrend since early November. Safemoon has also not been doing very well since its last all-time high around April 21, 2021. Despite rising in mid-May, the next time Safemoon saw bullish growth was at the end of October.
While the recent price history suggests that a meaningful rebound is imminent, it is crucial to pay attention to Bitcoin’s interaction with the 50 four-hour moving average at $62,000. Any increase in selling pressure that leads to a break of the support level could invalidate the optimistic outlook.
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.
SafeMoon’s Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”
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."
An OpenSea employee used insider knowledge to buy tokens before they appeared on the front page. Alexis Ohanian showed off the NFT he bought for Serena Williams at the Met Gala
Some are curious if this meme coin will ever truly see a full Shiba and Dogecoin-like impact, although it’s already off to an impressive start.
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Cryptocurrency is formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems to earn coins. Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets.
Safemoon is a cryptocurrency token that was launched in March 2021. The token is housed on the Binance Smart Chain (BSC), a blockchain developed by Binance that runs parallel to the traditional Binance Chain (BC). The difference between the two is that Binance Smart Chain has smart contract functionality, opening up many avenues for decentralised applications (dApps) to be constructed.
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In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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