SafeMoon SafeMoon to in House four … weeks prices just all-time £7000 almost by jump
Mon, 19 Apr 2021 16:00:00 +0100
A NEW cryptocurrency called SafeMoon has gained popularity in recent days and as a result, surged in value
It launched this month, but what exactly is
News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.A NEW cryptocurrency called SafeMoon has gained popularity in recent days and as a result, surged in value.It launched this month, but what exactly is SafeMoon? Here, we explain everything you need to know.
🔵 Read our Bitcoin live blog for the latest Bitcoin updates…But first, a word of warning: buying cryptocurrencies and decentralised finance tokens as well as stocks and shares is a risky business.Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.Cryptocurrencies and decentralised finance tokens are also highly volatile, so your cash can go down as well as up in the blink of an eye.Before investing you should do your research and make sure that companies are legit.Not a huge amount is known about Safe Moon meaning the risk to your investment may be even higher.
Technically it's not a cryptocurrency – it's an DeFi token – according to it's website.
DeFi stands for decentralised finance token.
They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
Like Bitcoin they use a complicated method called blockchain technology.
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.SafeMoon claims it will reward people who buy and hold onto the cryptocurrency.For those who sell the currency on will be slapped with a penalty.Its Facebook page states: "Remember, getting to the moon takes time and the longer you hold the more tokens you pick up."SafeMoon charges sellers a fee worth 10% of the amount of the cryptocurrency they are flogging to buyers.
It then claims to reward investors that hold onto their purchases by redistributing 5% of the cash gained from the penalty charge among those who already have the currency.
These multi-level marketing tactics mean that is requires more buyers to keep buying to keep the price up, making it a very risky investment.
As always you should never invest any money that you aren't prepared to lose.
SafeMoon recorded a 99% rise on Sunday after Bitcoin had its biggest single day drop for months.
It comes after Dogecoin's price increased 91% in 24 hours after Elon Musk tweeted about the cryptocurrency – and a 20,000% increase from this time last year.The cryptocurrency, which started as a joke, has risen 365% in the past month to close to 20p per unit.It comes despite the currency not being listed on any cryptocurrency exchange platformsDogecoin has risen from relative obscurity to become a cryptocurrency that is making punters serious money.Brits are being warned they risk losing all of their money if they invest in bitcoin and other cryptocurrencies.It comes after a ban on some crypto-related investment products.Commenting is currently disabled on this article.
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Mon, 19 Apr 2021 16:00:00 +0100
In the roundtable, the currency's developers including CEO John Karony and CTO Thomas Smith discussed updates to the currency including its own exchange
The cryptocurrency SafeMoon is due to be listed on two new exchanges, its creators have announced in an “Ask Me Anything” roundtable.In the roundtable, the currency’s developers including CEO John Karony and CTO Thomas Smith discussed updates to the currency including its own exchange platform which is in development.Few details were available at the time—it was not revealed which two exchanges SafeMoon will be listed on.
Viewers were encouraged to check back on Wednesday or Thursday for more information.Currently the currency is listed on the BitMart exchange but not on the major leading platforms Coinbase or Binance.During the AMA, Smith said SafeMoon’s own token exchange was “in the architecture phase.”He added the exchange would work in a similar way to the token, in that people will get rewarded for not selling—referred to as “holding”—and penalized for selling.”So when you hold your Bitcoins with us and someone transfers Bitcoin on our platform, you’re going to be reflected from that user, some of that Bitcoin,” Smith said.”Same with all of the other coins and tokens and things that we support.
That’ll be the core function of the exchange.”The team has been seeking to raise $1 million to create the SafeMoon Exchange.
Currently the fundraiser has gained around $774,000 USD.The team also announced some sort of NFT support in the SafeMoon wallet app.SafeMoon has become one of the most-speculated cryptocurrency tokens on the web in recent weeks amid the Dogecoin surge.
SafeMoon is currently worth roughly a four millionth of a dollar.The currency has received a great deal of support from fans while some cryptocurrency enthusiasts have voiced skepticism.One Reddit post yesterday read: “SafeMoon’s market cap is over a billion dollars, and it’s only existed for one month! We’re making history.”Analyst and crypto blogger Lou Bagel writes: “As far as I can see the coin has no utility.
I would not claim this is a Ponzi Scheme but I do see the same upside and downfall.”Upside: Investors keep making money as long as new people are buying in.
The 5% of transactions going to current investors ensures this.
Downfall: It falls apart when no-one new wants to buy.
If no-one is buying then investors are receiving 5% of nothing and no demand causing price to fall.”Newsweek has contacted Lou Bagel and SafeMoon for comment.It is not uncommon for new cryptocurrency tokens to be introduced as developers seek to enter the market.CoinMarketCap, cryptocurrency price tracking site, currently lists a total of 4,743 different cryptocurrency tokens.
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– April 19, 2021
SafeMoon House prices jump by almost £7000 in just four weeks to alltime