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SafeMoon's native token collapsed in price by more than 20% following the issues.
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This cryptocurrency is reportedly one of the most used privacy coins in committing crimes such as money laundering. It makes sense to steer clear of a criminal’s favorite currency.
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"We're really excited about the future here with so many new technologies coming out in the cryptocurrency space."… https://t.co/mwYDwGHJko @Chris Burniske • Nov 05 @Lisk • Nov 05
“Don’t panic and puke,” Noble says. “If you keep your positions small, you can try to tolerate the volatility.”
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Still, from a technical perspective in the price action, SAFEMOON seems unstoppable despite the current retracement it has been witnessing since it hit the all-time highs last month at around $0.0000065. Now, the price is treading waters around the 50-period simple moving average (SMA) at the H4 chart.
SafeMoon is a meme cryptocurrency that entered the crypto scene earlier this year in March 2021 on the Binance Smart Chain blockchain. SafeMoon charges investors a 10% fee on transactions and 5% of that is redistributed to token holders. There are several giants in the cryptocurrency world and SafeMoon was among the giants for a while, however, at the time of writing this publication, the token’s price seems to be stumbling somewhat and soon to be released cryptocurrency HUH Token is enjoying the attention that it's receiving.
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Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange's order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era.
Ethereum fell 1% to $4,537 and Dogecoin was trading 2.32% lower at $0.2617. Digital token Stellar lost 3.41% to $0.3722 and XRP declined 2.51% to $1.20.
In Q3 and Q4 of 2021, the community-driven project will focus on developing use cases for Safemoon Cash as an adoptable currency. Safemoon Cash will eventually be one of the most used cryptocurrencies for use inside and outside the ecosystem. It will introduce the Safemoon Cash Casino where users can gamble with the SMC(G) token. Additionally, the project will develop a betting protocol specifically for the Twitch gaming industry using the SMC(G) token for rewards in competitions. Safemoon Cash will ultimately be integrated with online crypto payment services.
Both the wallet and the exchange are game-changers in DeFi. With the wallet getting rid of the Pancakeswap or Uniswap, the DeFi networks will be more efficient and easy to use, even for the newbies. More tokens will be available on the exchange than what the current market is offering.
If you are a user outside the U.S., there are greater opportunities to trade and buy numerous coins on one platform. For those in the U.S. wanting to do the same, they may find themselves resorting to the use of other crypto exchanges.