The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
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The riskiness is taken a step further when it comes to newer coins because they make you more vulnerable to scams when compared to ones that have been around longer such as Bitcoin.
Shiller, R. (1981), “Do stock prices move too much to be justified by subsequent changes in dividends?”, American Economic Review 71 (3), 421–36.
Mr Karkhalev added: "The growth in the capitalisation of the Bitcoin crypto market has also aided confidence.
But of course you'll want to be wary of another possible Squid Game fiasco, which reportedly scammed users of an estimated $3.38million.
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In recent days, the company has stopped those in Singapore from making trades on their platform, reacting to a tightening in regulations locally. While Binance remains the most preferable of the two platforms currently, it is important to remember that changes such as these have an effect on which may come out on top.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
Currently, the global crypto market cap stands at $2.94 trillion, an increase of 3.21%. Other cryptocurrencies were also trading in the green.
Moreover, holding the NFTs entitles the holders to a 3% decrease on all service charges.
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Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile.
With all these shortcomings when put against most of the competition, Safemoon is definitely in trouble. There is a lot that Safemoon team needs to do to make the coin competitive. Otherwise, few people will be interested in this Safemoon. This means low demand, and that's how Safemoon's coin value will crumble.
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