Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Cryptocurrencies have attracted renewed interest recently, as Tesla CEO Elon Musk has powered a movement behind Dogecoin, which started as a satirical take on the market in 2013. The result was DOGE’s “mooning”, as its value increased 3,000-fold, and others have enjoyed a similar boost. SafeMoon, which this time last year had a value of $0.000001, has also risen to the moon, surging over the last week.
How many SafeMoon coins are there?
A value named circulating supply denotes the number of any given currency on the crypto market.
The circulating supply of tokens or coins fluctuates over time, depending on their creation method.
For instance, mineable cryptocurrency supplies depend on how often and quickly people mine them.
Centralised tokens are subject to instantaneous minting by their developers.
Currency levels fall with coin burn events or accidents, such as losing access to a coin wallet.
Analysts can’t corner every individual token on the market, so most Circulating Supply numbers are approximations.
According to Coinmarketcap.com, SafeMoon has a reported circulating supply of 642 trillion units.
Cryptocurrencies come with several supply numbers, including total and maximum supply.
Total supply provides a sum of coins mined minus coins burned.
For SafeMoon, this is currently 616 trillion, slightly less than its circulating supply.
Maximum supply is a “hard-coded” limit that total or circulating supplies can surpass, and Coinmarketcap has not specified what SafeMoon’s is.
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What does volume mean in cryptocurrency?
Alongside price, cryptocurrency trading sites also come with a number denoting volume.
Volume sums up the total amount of coins traded over the last 24 hours.
Total volume increases with the price of a currency, so it gets highest at its most popular.
At its peak, SafeMoon’s volume was $143,430,830 (£103,278,086) in total.
But in April 2020, SafeMoon’s volume was more than $100 million (£72 million) lower at $15,710,177 (£11,312,191).
The volume shows frenzied interest over the last year, valued at roughly $127,720,653 (£91,965,894).
SafeMoon’s current 24-hour volume is a little lower, currently estimated at $42,039,612 (£30,270,832).
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