SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
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Polkadot (DOT) has surged by over 13% and set a new all time high of $53.25 last night. The asset how has a market capitalization of $50bn and is ranked at the 8th spot. Over the past 2 days, the asset has seen good inflows and volumes have almost doubled. Open interest on DOT futures market is up by 18.51% and on the perpetuals market up by 14.70%. DOT now faces a stiff psychological resistance at $60, and if it crosses this mark, another rally can be DOT was trading in a ‘Rising Channel’ pattern and rallied almost by 80% in the last month. Post facing stiff resistance around $45, the asset started consolidating between $45 to $40. However, DOT finally gave a breakout above the channel and made the new all-time high of $53.35. The prices are trading well above the 20-day moving averages and relative strength index (RSI) is at 70, which indicates strength in the trend. If DOT sustains above $50, then we can expect the asset to rally up to the next resistance which is at $60.
After the stealth launch, early participants pumped and dumped the market capitalization from 1.2M to 200K. Safemoon Cash however quickly started growing organically with loyal investors, who all have been sharing the same goal of reaching 25% of Safemoon’s market cap.
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After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
Among the key areas that attracted Safemoon whales are the innovative tokenomics and the project products. First, Bitrise is a hyper-deflationary payment network token. Therefore, tokens in circulation will be diminishing with time, which will drive the price of tokens up as demand grows.
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However, exchange pricing can still be extremely volatile. For example, Bitcoin’s U.S. dollar exchange rate fell by more than 50% in the wake of Mt. Gox’s collapse, then increased roughly tenfold during 2017 as cryptocurrency demand exploded.
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SafeMoon, a token on Binance Smart Chain widely recognized as a TikTok meme coin, is seeing massive volatility after its huge gains of the past week.
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