When these extremely low-valued tokens begin sucking in starry-eyed retail investors like Gabe, the peanut-sized price means the token can “reach 10x and higher relatively quick”, says Jack. Jack, a trader and market analyst with a substantial Twitter following, explains that “these assets hit the market at extremely low valuations of sometimes less than $100-200k market caps” – AKA, they’re cheap.īecause of this valuation – Safemoon’s current all-time-low price on Coingecko is $0.00000004 per token – there is theoretically loads of room for the token’s price to grow. Safemoon has had the most attention, but there are others too, like Hoge, Elongate (named after the balding Tesla daddy) and Bonfire. While all investments involve an element of risk, Gabe is part of a new crypto investor cohort who toss small investments into what are called deflationary tokens – or, if you like, meme or “ shitcoins”, because they don’t have much real-life use beyond making a few people very rich. “Hindsight is always a bitch, because you look back thinking, ‘I could have thrown thousands in,’” he says. To spell that increase out in luminous green dollar signs: if Gabe had held on to his $40 investment in Safemoon from early March, it would have been worth tens of thousands of dollars when the value peaked on the 21st of April. Safemoon, however, leaped 23,225 percent, from $0.00000004 on the 14th of March, 2021 to its current all-time-high of $0.00000933, on the 21st of April, 2021. That’s 27 times more than Bitcoin, in a little over a month.
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