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SafeMoon is a relatively new type of cryptocurrency which has only been available to buy for a few months. But it’s seen a sharp rise in value since it was introduced – and its latest prices have continued the trend.
SafeMoon is one of the fastest-growing cryptocurrencies out there.
It was introduced in March 2021, and immediately skyrocketed in value owing to a loyal social media fanbase.
Just this week, SafeMoon’s price has increased six percent, from $0.000004 to $0.00001.
But despite its meteoric rise in value, a cryptocurrency expert has warned amateur investors of the risks attached to SafeMoon.
SafeMoon is run by people that are simply hoping to get rich fast, claimed Crypto Head co-founder, Adam Morris.
Previous cryptocurrencies that followed the same philosophy didn’t end well, he added.
Anybody that’s tempted to buy SafeMoon coins would be better off investing in Ethereum, said Morris.
It’s a relatively safer investment option because it’s a long-term-thinking cryptocurrency.
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“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.”
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.
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.
You should only invest what you’re willing to lose, and should steer clear if you can’t afford the gamble.
Finance experts have previously warned investors that SafeMoon is liable to a sudden drop in value, and if you’ve bought SafeMoon coins, you should be constantly watching out for the price drop.
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