#Safemoon Surge
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SafeMoon on the Rise Again: What is SafeMoon and Will Its Price Surge Continue in 2025?
What is SafeMoon (SFM)?
SafeMoon is a DeFi protocol designed to create a community-driven, decentralized finance (DeFi) token with a unique economic model that incentivizes long-term holding and discourages quick selling. Launched in March 2021 by a team consisting of Thomas Smith (CBO), John Karony (CEO), Hank Wyatt (CTO), Jack Haines (COO), Jacob Smith (web developer), and Charles Karony (executive assistant) Safemoon was built on Binance Smart Chain (BSC) for operating as a BEP-20 token..
Key features:
Static Rewards (Reflection): Many will benefit from long-term holding with the funds going back to the token holders as passive income via a redistribution of 5% of every transaction.
Liquidity Pool Acquisition: Every transaction incurs a fee of 10%, where another 5% is directed to liquidity pools, allowing for the stabilization of the token price.
Deflationary Insight: Burning tokens over time decreases the total supply and increases the "scarcity" parameter.
What is SFM token ?
The SFM token is the native cryptocurrency of the SafeMoon ecosystem. It serves multiple purposes within the SafeMoon ecosystem, including a store of value due to its deflationary model, passive income through reflection rewards, and use in liquidity pools. It is also integral to platforms like SafeMoon Swap and projects like the SafeMoon Card.
SafeMoon Price Trends: Current Analysis of SFM's Surge
As of January 2025, the Safemoon price has shown a recent surge from 0.000037 to 0.00007 surging approximately 90% in 1 week, Leaving the traders and investors excited. SafeMoon’s recent price surge can be attributed to renewed community interest, and the planned launch of projects like the SafeMoon Card and SafeMoon Exchange, However, the token remains vulnerable to market sentiment, especially due to its controversial history and legal challenges.
However, the current market sentiment SafeMoon's price has shown a strong breakout above key resistance levels, of $0.000020 to $0.000030.
The 50-day Moving Average reflects bullish sentiment in the short term. Critical support is observed near $0.000020, with resistance zones at $0.00025 and $0.00030.
A breakout above $0.000100 price could indicate a continuation of the bull trend, while failure to hold support at $0.00015 may result in further downside.
Liquidity Analysis
SafeMoon’s liquidity is heavily influenced by its unique transaction tax model (10% per transaction). While this structure incentivizes holding and discourages frequent trading, it limits the market depth and creates potential slippage risks for larger orders.
Liquidity Pools: SafeMoon Swap remains a significant liquidity hub, but its liquidity is lower compared to major exchanges. This raises concerns about volatility during high trading volumes.
SafeMoon Price Prediction: Can the Bull Run Sustain in 2025?
SafeMoon (SFM) has garnered significant attention recently due to its price surges in the past 50 days and potential for future growth. However, the critical question remains: Can this bull run continue through 2025, or is a market correction likely?
The SafeMoon price in 2025 could show a steady upward trend, with a potential low of $0.000098, an average price of $0.000132, and a potential high of $0.000165. This growth is driven by several factors, including the increasing adoption of blockchain-based financial services, strong community support, and broader bullish trends in the cryptocurrency market.
However, some challenges could impact this growth. Regulatory scrutiny, market volatility, and competition from emerging cryptocurrencies could create roadblocks.
For in-depth analysis, the latest news, and Safemoon live price: https://markets.coinpedia.org/safemoon-solana/
For other cryptocurrencies like Bitcoin, Ethereum, and more, please visit Coinpedia Markets.
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The Origins of Meme Cryptocurrencies
Meme cryptocurrencies have become a new phenomenon in the world of digital assets, gaining popularity through online communities and social media platforms. These cryptocurrencies are inspired by internet memes and often have funny or quirky names and logos. The most famous example is Dogecoin, which started as a joke based on the popular Doge meme featuring a Shiba Inu dog. The success of Dogecoin inspired the creation of other meme cryptocurrencies such as Shiba Inu coin, SafeMoon, and Elon Musk-inspired Baby Doge coin.
Meme cryptocurrencies are often created as a way to poke fun at traditional finance and the serious world of cryptocurrencies banksy crypto. Despite their playful nature, these meme coins have gained a loyal following and have seen significant price surges, making some early investors very wealthy. Their community-driven approach and viral marketing strategies have contributed to their success, but also pose risks due to their volatile nature and lack of regulation.
As meme cryptocurrencies continue to gain traction, it will be interesting to see how they evolve and what impact they will have on the larger cryptocurrency market.
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Millionaire Makers: The Rise of Memecoins and How to Capitalize on Their Success
Introduction
In the diverse world of cryptocurrencies, memecoins have carved out a unique niche, attracting a mix of curiosity, skepticism, and significant investment. These playful digital assets, inspired by internet memes and cultural phenomena, have demonstrated the potential to turn early adopters into millionaires. This blog explores the phenomenon of memecoins, highlights some of the best memecoins in the market, and provides strategies for capitalizing on their meteoric rise.
What Are Memecoins?
Definition and Origins
Memecoins are cryptocurrencies that derive their value primarily from social media buzz, community engagement, and their association with popular internet memes. Unlike traditional cryptocurrencies that focus on technological advancements or utility, memecoins thrive on virality and humor. They often start as jokes or social experiments but can grow into significant assets with substantial market capitalizations.
Early Success Stories
The most notable early success in the memecoin space is Dogecoin. Created as a joke in 2013, Dogecoin was inspired by the popular “Doge” meme featuring a Shiba Inu dog. Despite its origins, Dogecoin quickly gained a loyal following and experienced remarkable growth, culminating in a significant market cap and high-profile endorsements from celebrities like Elon Musk.
Why Invest in Memecoins?
Community and Virality
One of the primary drivers of memecoin success is their strong, engaged communities. Memecoin communities are often highly active on social media platforms, creating a viral loop that attracts new investors. This communal spirit can drive significant price movements and create lucrative opportunities for early adopters.
High Reward Potential
While memecoins are notoriously volatile, their potential for high rewards is undeniable. Investors who recognize the potential of a memecoin early on can experience exponential gains. Dogecoin’s surge from fractions of a cent to nearly $1 at its peak is a testament to this potential.
Accessibility
Memecoins are generally accessible and easy to understand, even for those new to cryptocurrency. Their playful nature and association with popular culture make them an attractive entry point for novice investors looking to dip their toes into the crypto market.
Top Memecoins to Watch
Dogecoin (DOGE)
Overview: The original memecoin, Dogecoin, remains one of the most popular and widely traded cryptocurrencies. Its community-driven nature and high-profile endorsements have kept it in the spotlight.
Why Invest: Dogecoin’s established reputation and active community make it a relatively safer bet in the memecoin space. Its widespread acceptance and integration with various platforms also add to its appeal.
Shiba Inu (SHIB)
Overview: Often referred to as the “Dogecoin killer,” Shiba Inu aims to replicate and surpass the success of Dogecoin. It features a decentralized ecosystem that includes a decentralized exchange (ShibaSwap).
Why Invest: Shiba Inu’s ambitious roadmap and active development team provide strong growth potential. Its large supply and low price per token make it attractive to investors looking for high-volume trades.
SafeMoon (SAFEMOON)
Overview: SafeMoon aims to encourage long-term holding by imposing a fee on sellers and redistributing a portion of the fees to existing holders. This unique model has attracted a large and dedicated community.
Why Invest: SafeMoon’s innovative tokenomics and strong community support position it as a promising investment. Its focus on rewarding long-term holders aligns with the interests of many investors.
Floki Inu (FLOKI)
Overview: Inspired by Elon Musk’s pet dog, Floki Inu combines the memecoin appeal with charitable initiatives. The project aims to create a positive impact through donations and community-driven efforts.
Why Invest: Floki Inu’s charitable mission and celebrity association give it unique appeal. Its active marketing and community engagement strategies further enhance its growth potential.
Strategies for Investing in Memecoins
Conduct Thorough Research
Before investing in any memecoin, conduct thorough research. Understand the project’s goals, the team behind it, and the strength of its community. Transparency and active development are good indicators of a project’s legitimacy and potential.
Diversify Your Portfolio
Diversification is crucial in managing the inherent volatility of memecoins. Spread your investments across multiple memecoins and other cryptocurrencies to mitigate risk and increase the chances of overall portfolio growth.
Monitor Social Media
Social media plays a critical role in the success of memecoins. Follow key influencers, join relevant communities, and stay updated on trending topics. This can help you identify promising memecoins early and make informed investment decisions.
Use Technical Analysis
Technical analysis involves analyzing price charts and market data to identify patterns and trends. By using tools such as moving averages, RSI, and Bollinger Bands, you can make more informed decisions about when to buy or sell memecoins.
Stay Updated on Regulations
Cryptocurrency regulations are evolving, and staying informed about legal developments is crucial. Understanding the regulatory environment can help you navigate potential pitfalls and ensure compliance with relevant laws.
Future of Memecoins
Continued Innovation
The memecoin space is likely to see continued innovation, with new projects offering unique features and utilities. As more developers and communities engage with memecoins, the potential for groundbreaking projects and substantial returns increases.
Mainstream Adoption
As cryptocurrency gains mainstream acceptance, memecoins are becoming more than just novelty items. They represent a fusion of culture and finance, appealing to a broad audience and driving mainstream adoption.
Institutional Interest
The growing interest from institutional investors in the cryptocurrency market bodes well for the future of memecoins. Institutional backing can provide additional legitimacy and stability, attracting more investors to the space.
Conclusion
Memecoins have proven to be a fascinating and potentially lucrative aspect of the cryptocurrency market. By understanding the dynamics of memecoins, conducting thorough research, and using platforms like SolanaLauncher, investors can capitalize on the rise of these digital assets.
Whether you’re looking to invest in established memecoins like Dogecoin and Shiba Inu or create your own with SolanaLauncher, the opportunities are vast. With the right strategies and a keen eye on the market, you can navigate the world of memecoins and possibly join the ranks of the crypto millionaires. Start your journey today and explore the exciting potential of memecoins in the ever-evolving crypto landscape.
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From Internet Jokes to Serious Business: Crypto Analyst Exposes $65B Spike in Meme Coin Market Value
Title: Crypto Analyst Unveils the $65B Surge in Meme Coin Market
In a striking revelation, a prominent crypto analyst has unveiled a staggering $65 billion surge in the market capitalization of meme coins, marking a significant uptick in investor interest and speculation within this niche segment of the cryptocurrency market. This surge reflects the growing popularity and influence of meme coins, fueled by social media hype, celebrity endorsements, and retail investor enthusiasm.
Meme coins, characterized by their whimsical branding and community-driven ethos, have emerged as a prominent trend in the crypto space, capturing the attention of investors seeking high-risk, high-reward opportunities. These coins often feature meme-inspired themes and narratives, leveraging viral internet culture to attract followers and foster community engagement.
The $65 billion surge in meme coin market capitalization highlights the exponential growth and dynamism of this sector, with several prominent meme coins experiencing meteoric rises in value over a relatively short period. Coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and SafeMoon (SAFEMOON) have become household names among crypto enthusiasts, driving massive speculation and trading volume.
The surge in meme coin market capitalization can be attributed to a variety of factors, including heightened social media activity, celebrity endorsements, and coordinated marketing campaigns. The power of social media platforms such as Twitter, Reddit, and TikTok to influence market sentiment and drive retail investor behavior cannot be overstated, with memes and viral content often serving as catalysts for price surges and trading frenzies.
Furthermore, the recent proliferation of decentralized finance (DeFi) platforms and decentralized exchanges (DEXs) has facilitated greater accessibility and liquidity for meme coins, allowing investors to easily buy, sell, and trade these assets with minimal barriers to entry. This democratization of access to meme coins has contributed to their widespread adoption and popularity among retail investors.
Despite their often speculative nature and inherent risks, meme coins have garnered a dedicated following and fervent community support, with enthusiasts rallying behind their favorite projects and advocating for their success. The sense of camaraderie and shared purpose within meme coin communities has contributed to their resilience and longevity, even in the face of market volatility and uncertainty.
However, it is essential for investors to exercise caution when trading meme coins, as their prices can be highly volatile and susceptible to sudden fluctuations. While meme coins have the potential to generate significant returns for early investors, they also carry elevated levels of risk, and investors should conduct thorough research and due diligence before allocating capital to these assets.
In conclusion, the $65 billion surge in meme coin market capitalization underscores the growing influence and appeal of meme coins within the cryptocurrency market. As social media-driven trends continue to shape investor behavior and market dynamics, meme coins are likely to remain a prominent feature of the crypto landscape, offering both opportunities and challenges for investors seeking exposure to this dynamic and rapidly evolving sector.
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Meme Coin Case Studies: Analyzing Successful Projects and Their Impact
Introduction: In the ever-evolving world of cryptocurrencies, meme coins have captured the attention of both crypto enthusiasts and casual investors. This article dives into case studies of successful meme coin projects, exploring their unique characteristics, community dynamics, and the impact they've made on the broader cryptocurrency landscape.
Case Study 1: Dogecoin (DOGE)
Characteristics: Born out of a popular internet meme, Dogecoin started as a playful cryptocurrency featuring the Shiba Inu dog from the "Doge" meme.
Community Dynamics: Dogecoin gained widespread popularity due to its active and passionate community, often engaging in charitable initiatives and tipping culture.
Impact: Despite its initially humorous origins, Dogecoin evolved into a legitimate cryptocurrency, achieving remarkable price surges and becoming a symbol of community-driven projects.
Case Study 2: Shiba Inu (SHIB)
Characteristics: Inspired by Dogecoin, Shiba Inu (SHIB) took the meme coin concept further, creating an entire ecosystem with its own decentralized exchange (ShibaSwap) and governance token (Bone).
Community Dynamics: SHIB gained traction through its engaging community and the lure of potential high returns, creating a fervent and active user base.
Impact: Shiba Inu's success showcases the potential for meme coins to go beyond being mere jokes, evolving into comprehensive projects with real-world utility.
Case Study 3: SafeMoon (SAFEMOON)
Characteristics: SafeMoon introduced unique tokenomics, including a reflection mechanism that rewards holders and penalizes sellers, encouraging long-term investment.
Community Dynamics: SafeMoon garnered attention through its innovative tokenomics and an enthusiastic community that embraced the concept of earning passive income through reflections.
Impact: Despite controversy and skepticism, SafeMoon demonstrated that unconventional approaches to tokenomics can attract a dedicated community and impact market dynamics.
Conclusion: The case studies of Dogecoin, Shiba Inu, and SafeMoon highlight the diverse paths that successful meme coins can take. Beyond their humorous origins, these projects showcase the importance of community engagement, unique tokenomics, and the potential for meme coins to transcend traditional expectations in the cryptocurrency market.
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Hey guys, check out my latest video- SBF Found Guilty | Taiwan’s Richest man on Crypto | DFSA Approves XRP | BTC Surging | SAFEMOON Fraud | Invesco Galaxy
🔰Credits to the original news content sources-
1- https://cryptobriefing.com/sam-bankman-fried-found-guilty-faces-110-years-prison/
2- https://finbold.com/taiwans-richest-man-says-that-era-of-cryptocurrency-is-inevitable/
3- https://en.bitcoinsistemi.com/breaking-dubai-financial-services-authority-dfsa-approves-ripple-xrp-for-dubai-international-financial-center-difc-use/
4- https://finbold.com/40-billion-enters-crypto-markets-in-november-as-bitcoin-decides-its-next-move/
5- https://en.bitcoinsistemi.com/breaking-sec-charges-memecoin-safemoon-and-executives-with-fraud/
6- https://cointelegraph.com/news/invesco-galaxy-spot-bitcoin-etf-added-to-dtcc-website
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🔰Disclaimer: Please note that some links on this website are affiliate links, which may earn us a commission that incurs no extra cost to you. Our content is not financial, legal, or tax advice; please conduct your own research. DM for credit/removal request (no copyright infringement intended) ©️ All rights reserved to respective owner(s).
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Hey guys, check out my latest video- SBF Found Guilty | Taiwan’s Richest man on Crypto | DFSA Approves XRP | BTC Surging | SAFEMOON Fraud | Invesco Galaxy
🔰Credits to the original news content sources-
1- https://cryptobriefing.com/sam-bankman-fried-found-guilty-faces-110-years-prison/
2- https://finbold.com/taiwans-richest-man-says-that-era-of-cryptocurrency-is-inevitable/
3- https://en.bitcoinsistemi.com/breaking-dubai-financial-services-authority-dfsa-approves-ripple-xrp-for-dubai-international-financial-center-difc-use/
4- https://finbold.com/40-billion-enters-crypto-markets-in-november-as-bitcoin-decides-its-next-move/
5- https://en.bitcoinsistemi.com/breaking-sec-charges-memecoin-safemoon-and-executives-with-fraud/
6- https://cointelegraph.com/news/invesco-galaxy-spot-bitcoin-etf-added-to-dtcc-website
——————————————————————————————————————
Trusted Platforms That I Use:
🔐 Get yourself a Ledger (keep your coins safe): 👉 https://shop.ledger.com/?r=eb2779583cf3
——————————————————
🔐 Buy the Top Rated Hardware Wallet in the Market:👉 https://affil.trezor.io/SHEo
——————————————————
🔰Sign Up NOW on the top Crypto Exchange (Binance):👉 bit.ly/binanceTD
——————————————————
🤑Get 1,025 USDT in rewards on Bybit👉 https://www.bybit.com/invite?ref=QXVRK
——————————————————
💰Trade on Gate.io 👉 https://www.gate.io/signup/A1FAB1la?ref_type=103
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💰Trade on top Indian Exchange- CoinDCX 👉 https://join.coindcx.com/invite/4aFC
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💰Trade on WazirX 👉 https://wazirx.com/invite/cn5uvtvt
——————————————————
🛍️ Show some love, shop on Amazon- https://amzn.to/44rWOS3
——————————————————————————————————————
#️⃣ Let's connect🌎 :
👍All links here (Website & Social Media) - https://linktr.ee/iamsnup
📼Also Streaming on Theta: https://www.theta.tv/iamsnup
💼 Business Inquiries: [email protected]
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🔰Disclaimer: Please note that some links on this website are affiliate links, which may earn us a commission that incurs no extra cost to you. Our content is not financial, legal, or tax advice; please conduct your own research. DM for credit/removal request (no copyright infringement intended) ©️ All rights reserved to respective owner(s).
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#Crypto #Cryptocurrency #Bitcoin #Ethereum #Blockchain #CryptoNews #MarketRecap #CryptoUpdates #Altcoins #CryptoTrading #WeeklyRecap #DigitalCurrency #Investing #Finance #CryptoAnalysis #CryptoCommunity #CryptoInvestor #FinancialNews #Token #CryptoReview #CryptoTrends #CryptoWorld #StockMarket #BTC #ETH
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SEC Alleges Fraud and Unregistered Crypto Securities Offering by SafeMoon and Executive Team
The U.S. Securities and Exchange Commission has taken legal action against SafeMoon LLC, its founder Kyle Nagy, SafeMoon US LLC, CEO John Karony, and CTO Thomas Smith for allegedly masterminding an extensive fraudulent operation by selling the crypto asset SafeMoon without proper registration. According to the SEC's allegations, the defendants claimed to boost the value of the SafeMoon token to astronomical heights, but instead, they caused substantial losses, siphoned off more than $200 million in digital assets from the project, and redirected investor funds for personal indulgences, such as high-end cars, lavish travels, and extravagant residences. https://twitter.com/SECGov/status/1719798312608354758?t=oHThYtI0rpwViYMFedNJ9g&s=19 The SEC's complaint further states that Nagy, in marketing the SafeMoon Token, reassured investors that their funds were secure and inaccessible to anyone, including the defendants, as they were held in SafeMoon's liquidity pool, which serves to facilitate asset trading. However, the complaint asserts that a significant portion of the liquidity pool remained unlocked, enabling the defendants to embezzle millions of dollars for personal expenses. The complaint also highlights that SafeMoon's price surged dramatically by over 55,000 percent from March 12 to April 20, 2021, reaching a market capitalization exceeding $5.7 billion. However, the market was shocked when it was revealed on April 20, 2021, that SafeMoon's liquidity pool was not securely locked as claimed, leading to a significant price drop of nearly 50 percent. Following this decline, Karony and Smith allegedly utilized misappropriated assets to artificially boost SafeMoon's value and manipulate the market. Karony is also accused of engaging in wash trading, creating a false impression of market activity by trading SafeMoon on a platform he had set up. Read the full article
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Is SafeMoon Dead? New Meme Coin SafeMoon 3.0 Launches on Uniswap, Other DEXTools Top Crypto Gainers to Watch
Join Our Telegram channel to stay up to date on breaking news coverage SafeMoon recorded one of the most remarkable rallies during the 2021 bull run, shocking many between April and May. The epic price action changed even more lives, making some investors unexpected millionaires. The surge came around when Dogecoin (DOGE) was thriving, meaning its position as the king of meme coins could have…
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The meme coins you may still have a chance to get early | Shang inu, Jesus, Spgbb, Pepe,
New Post has been published on https://www.ultragamerz.com/the-meme-coins-you-may-still-have-a-chance-to-get-early-shang-inu-jesus-spgbb-pepe/
The meme coins you may still have a chance to get early | Shang inu, Jesus, Spgbb, Pepe,
The meme coins you may still have a chance to get early
Here are some new coins you may be able to get in early. You should know that some of these may fail and some may become the next pepe.
Shang Inu
Shang on CMC :
https://coinmarketcap.com/currencies/shanghai-inu/
Jesus
Jesus on CMC :
https://coinmarketcap.com/currencies/jesus-toys/
SPGBB
SPGBB on CMC :
https://coinmarketcap.com/currencies/spgbb/
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What are Memecoins?
In the world of cryptocurrencies, a new trend has emerged: meme coins. Meme coins are digital assets that often gain popularity due to their association with memes and internet culture. This article will delve into what mem coins are and provide a step-by-step guide on how to start buying them from decentralized exchanges (DEXes).
Understanding Mem Coins
Mem coins, also known as meme coins, are a subset of cryptocurrencies that derive their value from social trends, online communities, and internet memes. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, mem coins are often created as a humorous or satirical take on the crypto market. Examples of popular mem coins include Dogecoin (DOGE), Shiba Inu (SHIB), and SafeMoon (SAFEMOON). Mem coins can experience sudden surges in value driven by social media trends, celebrity endorsements, or online communities’ collective efforts to drive up the price.
Getting Started with Buying Mem Coins from DEXes
Research and Choose a Mem Coin: Before diving into the world of mem coins, it is crucial to research and choose a coin that aligns with your investment goals and risk tolerance. Consider factors such as the coin’s community, project development, and overall market sentiment.
Set Up a Wallet: To store your mem coins securely, you will need a cryptocurrency wallet. Look for wallets that support the specific mem coin you wish to purchase. Popular options include MetaMask, Trust Wallet, and Ledger.
Select a Decentralized Exchange (DEX)
DEXes facilitate peer-to-peer trading of cryptocurrencies without the need for intermediaries. Choose a reputable DEX that lists the mem coin you want to buy. Well-known DEXes include Uniswap, PancakeSwap, and SushiSwap.
Connect Your Wallet to the DEX: Connect your cryptocurrency wallet to the DEX of your choice. This process may vary depending on the wallet and DEX you are using. Generally, it involves authorizing the connection and giving permission to access your wallet’s funds.
Swap or Trade for Mem Coins: Once your wallet is connected, navigate to the trading interface of the DEX. Select the mem coin you want to buy and the amount you wish to invest. You may need to swap your existing cryptocurrencies (such as Ethereum or Binance Coin) for the mem coin you desire. Follow the on-screen instructions to complete the trade.
Store Meme Coins in Your Wallet: After the trade is executed, the mem coins will be transferred to your wallet. Ensure you have selected the correct wallet address to avoid any loss of funds. It is essential to transfer your mem coins from the exchange to your personal wallet for added security. Meme coins have gained popularity for their association with memes and internet culture. By following the steps outlined in this article, you can embark on your journey to purchase mem coins from decentralized exchanges (DEXes). Remember to exercise caution, conduct thorough research, and only invest what you can afford to lose in the volatile world of mem coins.
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This is not in any form financial advice. You should do your research and invest based on your knowledge of the asset.
The information provided in this article is for educational and informational purposes only. It should not be considered as financial or investment advice. Cryptocurrencies, including mem coins, are highly volatile and speculative assets. The value of mem coins can fluctuate dramatically, and there is a risk of substantial financial loss. Before engaging in any cryptocurrency investment, it is essential to conduct your own research, consider your financial situation and risk tolerance, and consult with a qualified financial advisor. The author and the platform do not assume any responsibility for the accuracy, completeness, or timeliness of the information provided in this article. Trading or investing in mem coins or any other cryptocurrency involves inherent risks, and individuals should exercise caution and make independent decisions based on their own judgment.
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Meme Coin Mania Meets Bitcoin: BRC-20 Offers New Challenges for Bitcoin Investors
Meme Coin Mania Meets Bitcoin: BRC-20 Offers New Challenges for Bitcoin Investors.
The world of cryptocurrency is no stranger to innovation and disruption. From the advent of Bitcoin in 2009 to the rise of Ethereum and the explosion of decentralized finance (DeFi), the crypto space has been at the forefront of technological advancement and financial experimentation. But in recent months, a new phenomenon has taken the crypto world by storm: meme coins.
These digital assets have little to no fundamental value but have gained massive popularity thanks to social media hype and viral marketing. Some of the most famous meme coins include Dogecoin, Shiba Inu, and SafeMoon. These coins have captured the imagination of millions of people worldwide, leading to a surge in demand and a corresponding increase in their market value.
But meme coins may not totally be a fad. They are also changing how we think about digital assets and blockchain technology. And with the introduction of the BRC-20 token standard, meme coins are now becoming part of the Bitcoin ecosystem, offering new opportunities for investors and enthusiasts alike. Investors are now experiencing a massive shift in the Bitcoin (BTC) ecosystem thanks to the new experimental token standard called "Bitcoin Request for Comment," or BRC-20, which has attracted much interest.
Over 4 million Ordinal inscriptions have been recorded on the Bitcoin blockchain as of the time of this writing. This new invention has the crypto community buzzing, with about 18,266 BRC-20 tokens created utilizing Ordinals and a soaring market capitalization reaching $409 million. Recently, non-ordinal BRC-20 transactions have been eclipsed by transactions involving the deployment, minting, and transfer of tokens. The proportion of BRC-20 transactions peaked on May 7 at 65%, demonstrating the protocol's expanding uptake.
Video source: Coindesk.com
Unlocking Bitcoin's Potential
For usage in smart contract applications, BRC-20 tokens are a cryptocurrency that operates on the Bitcoin network. BRC-20 transactions, in contrast to standard Bitcoin transactions, require the user to inscribe a new ordinal, lengthening the queue in the Bitcoin mempool. The size of BRC-20 tokens is around ten times smaller than picture inscriptions, although the mempool memory utilization is now lower than in March.
The average transaction price increased to $18.9, the highest level since May 2021, despite the decreased mempool utilization. This is brought on by the lengthy mempool wait, which makes users pay a higher gas charge for the miners to complete their transactions. The percentage of fees from Ordinals transactions has risen to 61%, with 99.5% coming from BRC-20. The fact that there has been a noticeable increase from the previous levels shows that BRC-20 is becoming increasingly popular within the Bitcoin community.
The percentage of transaction fees increased significantly from the 1-2% level seen since July 2021 to 31% on May 7. It's vital to remember that the costs are modest when expressed in BTC, even though this fee increase may worry some Bitcoin users.
The Revolutionary Approach And Utility Of BRC-20
BRC-20 tokens have attracted much interest in the cryptocurrency sector, but their usability and DeFi capabilities still have the potential for improvement. BRC-20 tokens may see an upgrade in their DeFi capabilities due to the possibility of a layer 2 solution like Stacks to bridge BRC-20s, which may draw in additional users and investors. It will be interesting to see whether BRC-20 tokens can surpass their present restrictions and gain more excellent traction as a cryptocurrency.
Despite rising popularity and market capitalization, the utility of BRC-20 coins is still constrained by the absence of smart contract functionality. However, the possibility for a layer 2 solution might improve their DeFi capabilities, which could lead to a cryptocurrency that is more commonly used.
Image source: Twitter
Bitcoin Community Reacts
Since its introduction by a developer going by the fictitious name Domo in March, the BRC-20 token standard has generated a lot of discussion within the Bitcoin community. Using the Ordinals protocol, BRC-20 tokens make it simple for developers to manufacture fungible crypto assets. Individuals must encode JSON data containing crucial token information to produce a BRC-20 currency. Similar to an ERC-20 token contract on Ethereum, this information would provide essential information about the token, such as its name, symbol, and total quantity.
As of this writing, there are over 300,000 unconfirmed transactions in the Bitcoin mempool due to the spectacular issue of over 18,266 BRC20 tokens and the spike in Ordinal inscriptions exceeding 4 million. Ordspace has a complete list of these 10K+ BRC20 currencies and a US dollar value for each token. The BRC20 token economy has seen tokens soar with increases in the triple digits.
These tokens include PEPE, MEME, ORDI, $OG$, PUNK, SHIB, and DOMO, to name a few. A contentious discussion about whether fungible and non-fungible tokens (NFT) built on BTC merit confirmation alongside financial transactions has been rekindled by the storm of BRC-20s and Ordinal inscriptions.
Ethereum supporter Ryan Berckmans described the rivalry between BTC Core devs, miners, and ordinals as a "civil war." BRC-20 meme coins and ordinals are viewed as spam by several developers, including Dashjr. As a result of the rising demand for block space, transactions, and fees have surged, giving the impression that it is experiencing an "Ethereum moment", yet they are advantageous to Bitcoin miners who are making huge profits from this disaster. Divisions within the Bitcoin community are nothing new; they have existed in the past and will probably do so again as long as the crypto sector continues to exist.
Image by Markethive.com
Final Thoughts
The current situation makes it untenable for many who want to use Bitcoin for its intended purpose. When you look at the ideas behind meme coins, you will understand that they are purely pump and dump coins with no actual utility attached to them. However, some argue that utility may come on afterwards, such as in the many NFT projects that started off as a joke.
The thing here is that most of these meme coins are launched by rogues who anonymously build a community through massive advertising campaigns that make people believe in the project. After a while, the project dies off, causing people to lose millions of dollars. The bitter truth about meme coins is that the people are the products or the actual jokes in these projects. Having these projects launched on the Bitcoin Blockchain creates many uncertainties and opportunities, as many would believe.
If you are a Bitcoin maximalist, there's a reasonable probability you're angry. Why? Several people waste block space and pollute the king of crypto with pointless projects. Unfortunately, since NFTs and DeFi on Bitcoin are such a big concern, you can't stop people from doing this.
Bitcoin takes out the corruption of humans because the humans that created it stepped away. Certainly, people will build corrupt and disruptive systems around it, as we see with the meme coins, but Bitcoin remains a simple, pure, and elegant currency. Bitcoin's lack of control by any institution or government empowers individuals with economic freedom and personal sovereignty. It's a game-changer. However, will the era of meme coin end anytime soon? Is Bitcoin the ideal place for this kind of project? Most likely not! We will have to wait and see how it all works out.
About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.
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Hacker Who Stole $9M From Safemoom Returns $7.2 Million Of Stolen Funds
Hacker Who Stole $9M From Safemoom Returns $7.2 Million Of Stolen Funds https://bitcoinist.com/hacker-who-stole-9m-from-safemoom-returns-7-2/ The hacker who drained $9 million in assets from Safemoon’s liquidity pool has returned $7.2 million of the funds. A report from Peckshield crypto analytics firm revealed the exploiter returned the funds in two consecutive transactions to the protocol’s treasury wallet. On April 19, Safemoon confirmed the fund return, noting the hacker first performed a 100 BNB test transaction before returning the rest. Also, the DeFi protocol agreed to let the hacker keep 20% of the stolen $9 million. Safemoon Hacker Returns 80% of Stolen Funs, Keeps 20% as a Bounty Recall the DeFi protocol Safemoon witnessed hit an attack on March 28 that saw $9 million swept off its liquidity pool. The hack attack, which blockchain security experts called a public burn bug, triggered SFM token burns, leading to a price increase. This vulnerability allowed the hacker to drain approximately $9 million in funds from the protocol’s liquidity pool. Related Reading: CNBC Argues Why Shiba Inu Will Overtake Dogecoin In One Year The protocol had confirmed the attack on March 29, assuring its community about its efforts to rectify the situation. Safemoon also said it would update the community regarding the fund’s recovery. Since the exploit in March, Safemoon has been working to recover the funds and later confirmed the hacker agreed to return them. Safemoon noted the attacker would return 80% and keep 20% of the funds for bounty. That was after the community members voiced dissatisfaction with the lack of updates. According to details, the hack exploiter returned the funds in two transactions on April 20. He sent the first 10,000 BNB units worth around $3.4 million and another 11,804 BNB of $3.8 million to Safemoon’s treasury wallet. Safemoon (SFM) Token Price Soars Amid News Of Fund Recovery Safemoon received heavy backlash from the community after the incident. Some accused the protocol of rewarding criminal acts and overlooking the matter. These backlashes affected SFM’s market sentiment, pushing the token price down by nearly 12% to $0.00021. However, SFM quickly recovered and started increasing again. As of yesterday, April 19, the SFM token’s price surged by 18.2%, closing at $0.00022026. At press time, SFM price has surged 13% over the past 24 hours and trades at $0.000205. This price movement suggests the news of stolen fund recovery positively impacted SFM token market sentiment. Massive Funds Lost to Hack Exploits in Q1 2023, Says Certik Similar attacks that led to massive loss of funds have been prevalent in the crypto ecosystem in recent years. According to Certik’s quarterly report, the BNB chain witnessed the most hack incidents in Q1 of 2023, while Ethereum lost the highest. In Q1 alone, crypto protocols lost over $320 million to exploitations, Certik’s quarterly report showed. Although the losses were considerably lesser than Q1 2022’s figures, it is still significant. According to Certik’s report, the losses may link to recent events in the traditional finance sector, like the Silicon Valley Bank collapse. Certik noted that BNB Chain recorded 139 hack incidents while Ethereum Chain lost $221 million in Q1 2023. Most of these losses occurred via flash loans or oracle manipulation exploits. Although protocols lost large chunks of funds, an enormous amount has been recovered, including Safemoon’s $7.2 million fund recovery. via Bitcoinist.com https://bitcoinist.com April 20, 2023 at 04:30PM
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Shiba Inu Army Rallies For SHIB Pump, ETH Whale Buys 28.2 Billion Shiba
Shiba Inu Army Rallies For SHIB Pump, ETH Whale Buys 28.2 Billion Shiba
Shiba Inu Army Rallies For SHIB Pump, ETH Whale Buys 28.2 Billion Shiba After Shiba Inu was launched on Kraken and surged about 30% in less than 24 hours, reports surfaced of whales hoarding the dogecoin-inspired meme coin in large amounts. According to Twitter WhaleStats, an Ethereum whale named ‘Gimli’ recently acquired over $1.1 million worth of SHIB today. ALSO READ: Safemoon V2 Countdown…
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