Cryptocurrency: Expert on how financial system is being 'remade'
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SafeMoon is one of the newest types of cryptocurrency to emerge and has only been available to buy for the past few months. But, since its introduction to the market, SafeMoon has seen its value skyrocket, and at one point, was one of the hottest properties on the crypto ladder.
The cryptocurrency is one of the fastest-growing digital coins out there.
It was first made available in March 2021, and has since skyrocketed in value – largely thanks to its loyal social fanbase.
But after its incredible rise to fame, the value of SafeMoon has become much more unstable since the end of April.
Along with most other types of crypto, the token’s value dropped by about half over a two-week period from the middle of May.
But, there are early signs that SafeMoon is turning its fortunes around.
It’s seen a slight jump in value on Monday June 7, rising by about five percent from the start of play.
SafeMoon started the day at around $0.000003932, before slowly creeping up to $0.000004154 shortly before 9.30am.
Just a few days ago, on Friday June 4, SafeMoon was valued at $0.000003452, showing a quick rise over a short space of time.
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But, SafeMoon’s high volatility doesn’t make it an ideal investment, warned Crypto Head co-founder, Adam Morris.
It’s a community-driven campaign that hasn’t got its investors’ best interests at heart, he said.
“SafeMoon has a lot of similarities with Dogecoin, but it’s even more risky because it doesn’t have the history that Dogecoin does,” Morris told Express.co.uk.
“SafeMoon is community-driven by people trying to get rich quick and history shows these never work out.
“SafeMoon itself as a project doesn’t offer much and the coin is designed to be as hard to sell as possible.
“Long-term investors should be looking at things like Ethereum because they provide great infrastructure in the industry and actually deserve the value they have.”
If you’re tempted to invest in SafeMoon – or any other cryptocurrency – you should only do so after careful consideration.
Cryptocurrencies are incredibly volatile, and there’s no guarantee of success.
SafeMoon is an unusual type of cryptocurrency because it penalises investors that choose to withdraw their money.
Anybody that wants to reclaim their investment faces a 10 percent fee.
Five percent of that fee is subsequently redistributed to existing investors.
The aim is to dissuade investors from leaving the project, so that the price can continue to rise.
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