SafeMoon, a community-driven DeFi Token largely popularised by Redditors, on Tuesday finally opened registration for the beta of its wallet in a move to further establish its leadership and move close to $1 a coin like Dogecoin.
The wallet is one of the several projects the SafeMoon team is working on to solidify the new cryptocurrency position among thousands of other coins in the market.
SafeMoon, created in March 2021 on the Binance Smart Chain blockchain, adopted a unique community wealth creation formula called tokenomics.
SafeMoon charges a 10 percent fee on transactions, with 5 percent redistributed (or reflected) to token holders while the remaining 5 percent are sent to a burn wallet. Therefore, holders earn regardless of market conditions.
SafeMoon multiplied rapidly in value after a wave of celebrity endorsements, including from rapper Lil’ Yachty, YouTuber Logan Paul, sports blogger Dave Portnoy and former Backstreet Boys member Nick Carter. SafeMoon hit a high of $0.00001375 in April 2021 before falling over 70 percent down to $0.000003919 as of June 2021 with around 2.3 million holders on the PancakeSwap exchange alone.
According to the official website, SafeMoon was first listed on PancakeSwap on the 1st March 2021, followed by: BitMart on 5th April 2021; WhiteBit on 5th April 2021; Gate.IO 23rd April 2021; HotBit 23rd April 2021; ZBG 11th May 2021; MXC 11th May 2021; Burrency 12th May 2021 and BitBns 14th May 2021.
In May, the token was audited by security auditing firm CertiK, receiving a score of 82/100. The audit report identified no critical issues, but noted one ‘major issue’ that the project’s owners have “control over tokens funded by SafeMoon’s seller fee”.
In response to the one ‘major issue’ raised by CertiK, the SafeMoon team stated that “In regards to owner control, we are a fair launch governed by a central board which is subject to governmental regulations and law. We are a legally registered entity in accordance to the law and jurisdictions in which we operate”. The CTO of SafeMoon, Thomas Smith, further stated that the team was “aware of the issues” and “[has] policies and procedures around how the contract operates to alleviate risk”.
A separate security audit identified a “vital vulnerability” in SafeMoon and hundreds of other projects which all forked from the same parent project containing the vulnerability.
The developers of SafeMoon have been described as having “little proof of previous success”, with the token having been described by some financial experts as a “pump and dump”, a “cult stock”, “meme stock”, “the furthest thing from safe” and that it “doesn’t do anything”.
After the price of a SafeMoon token multiplied by 12x during a single week in April 2021, opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme or pyramid scheme, where gains to early investors were paid only by incoming investors who expected a similar rate of return, with some citing the fact that each transaction sends a portion of the transacted value to existing holders of the token, as well as a portion of the transacted value to a wallet controlled by the coin’s authors.
BTC Gains 15 Percent In 3 Hours Amid Tight Squeeze
The price of Bitcoin has surged more than 10 percent in just a few hours earlier today, with prices quickly surging from roughly $35,000 to tag just shy of $40,000 on July 26.
Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15 percent from roughly $34,000 to $39,800 over the course of fewer than three hours.
By contrast, BTC had taken the past five days to gain from roughly $30,000 to $34,000. As of this writing, Bitcoin is changing hands for roughly $38,500.
According to CoinMarketCap, Bitcoin is the top gainer for the past 24 hours among the top 30 crypto assets by capitalization, posting a gain of nearly 13 percent.
The sudden rally has seen numerous technical indicators return to offering bullish signals, popular analyst, Lark Davis, informing his 426,000 followers that BTC’s price is again trending above its 50-day moving average.
Polkadot and Chainlink are also among the day’s top gainers, each having increased by more than 10 percent in the past 24 hours.
With Dogecoin up by 11.83 percent for the day, it would appear the impact of Elon Musk’s Twitter account on the meme-coin’s markets is beginning to wane, with Tesla’s CEO posting a meme asserting that “Dogecoin is money” on July 25.
Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the broader altcoin markets, with most large-cap crypto assets having posted high single-digit gains for the day.
Despite next month’s fast-approaching London upgrades for Ethereum, Ether is also lagging behind the pack, posting a gain of 7.82 percent in the past 24 hours.
As such, ETH is the weakest-performing cryptocurrency ranked among the top 10 by capitalization for the past day.
Patricia Relocates Headquarters to Europe
Patricia Technologies Limited is proud to announce that we have moved our operations to the Republic of Estonia, with our headquarters now domiciled in the Northern European country.
This global movement is set to strengthen our relationships with marketers and agencies in the global crypto markets, whilst also positioning us as the leading cryptocurrency trading company in Nigeria, Africa, and Europe.
This recent development is accompanied by the launch of our new and upgraded Patricia app version 2, which features lots of new updates and upgrades, including crypto swap; a betting feature that enables users to use crypto to place bets; the app also introduces new cryptocurrencies (coins) to add to the already existing Bitcoin. There’s also an automated buy limit for crypto traders, and the Refill service has also been upgraded to include international transactions.
Looking at how we have managed to dominate the Bitcoin market in our 3 years of existence, our CEO and Founder, Hanu Fejiro Agbodje quipped that “What originally came as disastrous news turned out to be the cornerstone we needed for this worldwide expansion” referring to crypto trading Ban by the Nigeria Government.
He also remarked that “the decision to expand and move our headquarters to Europe is part of our plans to improve our business strategy”. We want to play in the big league, there’s no passion to be found playing small, we want to be in the most sophisticated markets in the world, this is an opportunity for us to lead the fifth Revolution”.
As one of the industry’s fastest-growing financial solutions providers, our goal is to empower brands and individuals to take control of their digital finance through an advanced cross-border payment solution provided by Patricia Business.
We presently have an established presence in Ghana, Kenya, South Africa, and China.
For more information or to get in contact with us, please send a mail to: firstname.lastname@example.org.
Patricia is an Africa-centric integrated alternative payment and e-commerce company that facilitates the easy use of digital currencies like Bitcoin, and other digital assets for everyday transactions.
Binance US is Eyeing an IPO, Says Changpeng Zhao
“Our partner in the U.S. is looking at the potential IPO [initial public offering] route,” Zhao said on Friday at the “Redefine Tomorrow” event organized by SCB 10X — the venture arm of Thailand’s oldest Siam Commercial Bank. The IPO route, however, “is not 100% fixed yet,” he said.
After Coinbase’s listing earlier this year on Nasdaq, the U.S. now has an ecosystem where crypto companies can go public, according to Zhao. Indeed, several U.S.-based crypto firms, including Gemini, Kraken, and Circle, are looking to do just that.
As for Binance itself, Zhao said an IPO is not in immediate plans, but that might change in the future. This is a notable change from what Zhao told The Block earlier this year. At the time, he said Binance wants to take a more crypto-native “path” forward, i.e., expanding the utility of its “utility token” BNB, instead of doing a traditional IPO.
But now before Binance itself could go for an IPO, it will need to change its company structure, said Zhao, because most regulators want to see a headquarters, an office, or a legal entity.
“We are setting up those structures,” he said. “Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”
The crypto space is now “relatively heavily regulated,” according to Zhao. To that end, Binance has to make a “big pivot from a technology startup into a financial services company,” said Zhao.
Crypto now is “very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” he said.
And given increased regulatory attention, Binance is also stepping up its compliance efforts, said Zhao. “We are hiring many traditional compliance people, also ex regulators” to improve Binance’s communication with regulators, he said. He acknowledged that communicating with regulators is currently not one of Binance’s core strengths.
Now Zhao is, in fact, looking for a new Binance CEO, one he hopes will have a “very strong regulatory background.” He first disclosed his plans to step down to The Block earlier this year. At the time, he said he would like to resign from the CEO role in the next two to five years to focus entirely on growing the BNB and Binance Smart Chain ecosystems. Those plans now appear to be firmer.
Binance has long been subject to global regulatory scrutiny, with an increased focus in recent weeks. Government agencies in the U.S., the U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands, have all either issued warnings or taken action against the exchange.
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