Showing posts with label Safemoon. Show all posts
Showing posts with label Safemoon. Show all posts

Retail is here, but instead of Bitcoin, they're buying Shiba Inu (SHIB).

According to Google Trends, although retail investors have yet to return to bitcoin, Shiba Inu has grabbed center stage. Retail investors have always been important in the cryptocurrency arena, but it appears that they have yet to enter the Bitcoin scene; at least, that is what Google searches for the largest cryptocurrency indicate. Simultaneously, they appear to have discovered a new favorite - the Shiba Inu.


Retailers Aren't Interested in Bitcoin

Bitcoin and retail investors have often worked together. Smaller investors were mostly behind the surge in 2017, when the cryptocurrency hit its then ATH of $20,000. Three and four years later, when BTC hit its all-time high in April, Google searches – which are usually a good indication of retail behavior – soared once again.

However, the scenario currently appears to be entirely different. As we wrote a few weeks ago, the number of searches for "bitcoin" or "buy bitcoin" on the world's largest search engine was still quite low. Nonetheless, the asset quickly rose to a new all-time high of $67,000. Despite the new record, searches scarcely rose. Similarly, the popularity of another popular search term, "buy bitcoin," remains modest. The number of such Google searches surged earlier this year as a result of prior peaks, but it has scarcely climbed since then, with the most recent peak at $67,000.

But they've come to see Shiba Inu.

Further Smaller investors are present in the cryptocurrency environment, according to Google Trends, but they are not seeking for Bitcoin, Ethereum, Ripple, or Binance Coin. Even the previous 2021 sensations, Dogecoin and SafeMoon, have been forgotten. Shiba Inu's expected weekly requests will exceed the previous ATH, which was set earlier this year, as shown on the graph above. They will, in fact, overcome it in the same overpowering manner in which the asset's price charted a new high earlier this week - approximately double up.

This coincides with Shiba Inu's current popularity. The enormous SHIBArmy – today represented by hundreds of thousands of supporters – has witnessed tremendous development in terms of acceptance from retail since its launch as a joke coin last year.

Since the beginning of the year, the cryptocurrency has likely been the strongest performer, with a mind-blowing ROI of more than 100,000,000 percent (you got that right, one hundred million percent).

The chances of such a massive increase slipping through the cracks in the minds of ordinary investors, many of whom are looking for immediate returns, are minimal to none.

Nonetheless, many comparable fads have come and gone in the cryptocurrency world, many of which have resulted in significant losses for individuals who were late to the party. This does not rule out the possibility of Shiba Inu adopting the same faith.

Future investors, on the other hand, should focus on performing adequate study to find underlying reasons why they want to acquire a specific asset rather than chasing what's now trendy.

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The launch of the SafeMoon Wallet has run into some technical difficulties.

IN SUMMARY

  • Less than 30 minutes into the launch, technical difficulties arose.
  • All three SafeMoon wallet products - the Android and iOS versions, as well as the website's buy and swap function - were affected by the issues.
  • Following the concerns, the price of SafeMoon's native token dropped by more than 20%.



Shortly after its deployment, the SafeMoon (SAFEMOON) wallet fell into unexpected technical challenges.

All three wallet items were affected, according to a post from the official SafeMoon Twitter account. Specifically, the website's buy and switch feature, as well as the Android wallet and its iOS version.

The tweet told users, "We're working around the clock to fix the issues and guarantee we provide you the quality experience you deserve." “To further control demand, we will be [sic] delivering each product in a staggered (one-by-one) approach, beginning today with the internet buy & switch function.”

This was SafeMoon's most recent update at the time of publication; there was no proof that the problems were still present or had been resolved.

On August 28, at 17:00 CET, the decentralized finance (DeFi) system delivered its much-anticipated wallet. Safemoon's CEO John Karony, however, tweeted less than 30 minutes later that they were having "technical difficulties."

SafeMoon responded with a statement to its community a few days later:


“YOU CRASHED THE #SAFEMOON THERE IS NO OTHER WAY TO SAY IT. WE WILL KEEP YOU UP TO DATE AS SOON AS POSSIBLE [...] WE ARE SO EXCITED TO HAVE YOU ALL HOME SOON...”


For a long time, the wallet has been a source of excitement, particularly within the SafeMoon community. John Karony shared a video earlier this month demonstrating the product's "safety, quality, and accessibility."

In addition, for days before the planned release, the hashtag #SAFEMOONWALLET trended on Twitter. It was also seen on a billboard at Piccadilly Circus, London.

However, in the aftermath of the technical challenges, the DeFi protocol has been confronted with a barrage of criticism and misinformation. SafeMoon has also been charged of defrauding its subscribers by certain Twitter users.

The SafeMoon token has lost 20% of its value.

The price of SafeMoon's eponymous native coin had been steadily rising ahead of the wallet's launch. It began the week at $0.00000184 and by August 28 had risen to $0.00000365. However, there was only a little respite for SAFEMOON, as the price plummeted to $0.00000292 just two hours after the wallet was supposed to be released. The token's value has continued to fall since this point. SAFEMOON was down 22.2 percent at the time of publication, trading at $0.00000281.

Some of SAFEMOON's fellow DeFi coins have had a much better week. Kava.io (KAVA) reached an all-time high on August 22, and data shows that it has attempted to achieve those levels again since then. In addition, Terra (LUNA) touched a new all-time high of $36.61 on August 29. This achievement is the consequence of an almost 30 percent increase in overall revenue. It also puts the token closer to breaking into the top ten most valued cryptocurrencies by market capitalization. LUNA is presently in 11th place.

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So many people talk about their new wallet, what is SafeMoon?

You may not have known the $2.5 billion market-cap token—sometimes criticized as a Ponzi—has some genuine product news if you scrolled past the #SAFEMOONWALLET hashtag on Twitter today.
Today's SafeMoon cryptocurrency startup launched sign-ups for its wallet's limited beta version. The SafeMoon token is to be tested by 500 people. This is supposed to hold.


Several hundred Bitsch forks, Ethereum want tobes, and even Dogecoin knockoffs have been pushed into the CoinMarketCap's servers merely for several days after cryptocurrencies arrived. If they don't have any use beyond monetary transactions, consumers won't acquire long-haul 'shitcoins.' SafeMoon has tried a highly non-Bitcoiner method, as in a "safe" method, to encourage users to keep their tokens, that can't be used on anything but other cryptocurrencies at this time. 

Grover Norquist, cover your ears, because it's like this: a 10 percent tax on all transactions, whether you purchase or sell. Part of the tax also enters a liquidity pool directly. The objective is to stabilize the SafeMoon price floor instead than lowering supply to increase prices. The remaining holders pay half of the cost, based on their own tokens. SafeMoon calls these "reflections" prizes.

In principle, it may produce a short-term splash, but no permanent ripples every time a whale cashes out. In actuality, from the introduction in March 2021, the price for SafeMoon has been everywhere. According to statistics from CoinGecko, it is now approximately 60% down, but up 9,624% from its introduction low. However, following a May boost, his floor stayed on a similar level. The ones that HODL would probablyn't panic with more tokens in their hands. And at any rate a few of them who purchased at the head wait for thoughts which bring them back to scratch—but wait until other people first transact, which has resulted in many people labeling the SafeMoon scam of Ponzi.

The structure of the token redistribution has made it difficult for exchanges to enable taxed tokens to get into the wallets of consumers. Currently, the majority of trading takes place on the PancakeSwap decentralized bourse and on the BitMart established in the Caiman Islands.

Although SafeMoon was launched in April, BitMart did not have a fully integrated tokenomics framework that allows daily reflection. Instead, it intended to add monthly reflections to the wallets of consumers. The initial distribution was finished on 12 May.

Like Ethereum Max, which pays token holders a portion of every transaction, SafeMoon is, however, a dubious ERC20 token which also offers details about its offering. Google's signup form asks users to determine which phone they have, so whether the app is built for Androids, iPhones, or both, is not apparent. "We want to evaluate how a pouch is even running on low energy smartphones," says SafeMoon, "so please don't allow a non-flagship phone to prevent you from applying to a beta testing device." In addition, beta testers need to sign a non-disclosure agreement which will not give further details.


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