SafeMoon only just launched in March and according to its website, already has over 2 million holders. The cryptocurrency is unique in that it’s designed to reward long-term ownership, deterring sellers with a 10% fee.
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Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
One key point to note about Safemoon crypto is that the developers haven’t really described any real-world use cases yet. The Safemoon protocol was hyped hugely by celebrities back in May, causing retail investors to jump on the bandwagon and push price higher. Following this, the price fell dramatically, leading many to claim that Safemoon was a ‘pump and dump’ scheme designed to make certain investors rich.
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Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold on to it rather than trade - for which there are penalties in place.
If privateKey is not a KeyObject, this function behaves as if privateKey had been passed to crypto.createPrivateKey(). If it is an object, the padding property can be passed. Otherwise, this function uses RSA_PKCS1_PADDING. key
There are five main types of cryptocurrency wallets, namely desktop wallets, mobile wallets, online wallets, hardware wallets and paper wallets. You do not need a wallet if you are trading cryptocurrencies via a CFD account, only when you are buying them. Wallets are used to store, send and receive cryptocurrencies.
CryptocurrencyEdited by NDTV Business DeskUpdated: November 06, 2021 12:56 pm IST
Traders can choose strategies such as day trading, where positions are opened and closed within a day for quick profits, or go for a scalping strategy, taking small profits from a large number of trades. Other strategies include trend trading, swing trading, and position trading.
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Cantering Clark, a derivatives trader, said that the correction of SafeMoon restores balance in the universe, implying that the rally was not sustainable.
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People in the crypto community say it will be the next “Shiba Inu or Safemoon” due to its tremendous growth and expected great things ahead.