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When Cryptoverse Meets Metaverse

The term 'metaverse' has been creating a buzz in the world in the last few months, Google search analysis shows that the term 'Metaverse' had a search score of less than 1 in 2020 which grew to 99 in 2022.  At the end of 2021 we also witnessed Facebook change its name to Meta , but its not only Facebook that is focused on the metaverse and its infrastructure, a bunch of tech companies are in the race for the metaverse (Nvidia, Unity, Roblox, Snap etc.) A recent report published by Technavio called, 'Metaverse Market in Finance by Component & Geography Forecast and Analysis 2022-2026' stated that the metaverse market will increase by $50.37bn during 2022-2026.  Another research company, Grand View Research , headquartered in San Francisco expects the global metaverse market size to grow by a compound annual growth rate (CAGR) of 39.4 from 2022 to 2030 But what exactly is the metaverse? Wikipedia describes metaverse as follows: 'Metaverse is a hypothetica

Is It Worth Investing In SAFESTAR Cryptocurrency?

 


There are a lot of cryptocurrencies circulating on the crypto exchanges as we speak. The cryptocurrency that we will be reading about today has a market rank of 2,732. That shows you the sheer amount of crypt currencies being circulated. My goal is to cover as many cryptocurrencies as possible for my readers so they can make the best investing decision for themselves.

Alright, let's dive into the SAFESTAR cryptocurrency now.

As per the trading charts, it shows that SAFESTAR was launched to trade on 18th March 2021. At that very moment, an investor could buy approximately 123 million coins for a dollar. The coin climbed to its all time high on 6th April 2021, which would have returned $35 on each $1 invested. Sounds enticing and get rich quick investment eh?

However it dropped drastically right after its exponential rise and currently sits at a price slightly higher than its launch price. 


Surprisingly enough, the 24 hour trade volume before the exponential rise was around $3 million on average which might have caused the spike that you see in the chart above. However, during the downslide, the 24 trade volume for the day of the decline was around $20,000. This could mean and an investor holding a large portfolio of the coins decided to exit the crypto and take profits. 
This could also be referenced from a security audit report available on SAFESTAR's website where it lists that the top 100 holders of the crypto have a dominance percentage of 78.4%. 

Assuming that is the case here, it shows how the currency might have been influenced by majority holders of the currency, which in my opinion shows the volatility of the currency and being a risky investment. There could be other reasons to the sudden spike and downfall of the token, but we'll not get into that.

Let's talk about SAFESTAR's earning mechanism. As per SAFESTAR's website, it stats that 'SAFESTAR is a frictionless yield and liquidity generation protocol'. Which means an investor would be able to earn passive income without having to do anything at all.

But how does that work? SAFESTAR charges a 10% fee on its transactions of which 5% is locked into a liquidity pool and 5% is shared among the stakeholders. SAFESTAR claims that the holders will earn up to 80% annual yield percentage - exceptionally higher than any traditional savings account.

Assuming that the claims that SAFESTAR makes are correct and it could be, I am in now way disputing their claims, however for SAFESTAR's mechanism to work and increase the capital wealth of its stakeholders, it needs to keep charging the 10% transaction fee. The only way they can earn more transaction fee is if more investors buy the cryptocurrency. Are the investor's buying the SAFESTAR cryptocurrency?

The ongoing 24 hours trading volume of SAFESTAR is not too promising and the 24 hour trading volume as at 27th April 2021 is down by 8.08%. As per my understanding there are two reasons why an investor might get into a specific cryptocurrency to invest it, either they expect the price to rise exponentially due to speculation or they believe in the work being done on that respective cryptocurrency's blockchain.

To answer the first reason, I don't foresee any speculative pressure pushing the SAFESTAR coin higher anytime soon or maybe in the near future, and as far as the second reason is concerned, as per SAFESTAR's website they have a number of goals listed that they look to achieve in Q2 2021 and Q3 2021, however the only goals they have completed so far are getting listed on an attractive exchange and coming up with a white paper.


With not much clarity on the future of 
SAFESTAR's blockchain and the progress of the crypto along with not too promising trading volumes and the volatility on top of that, SAFESTAR does not qualify for me an a cryptocurrency investment to keep an eye out for. This is solely based on my own opinion of the crypto and could differ from yours. 

Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions. Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.

If you liked my explanation of SAFESTAR, let me know in the comment which currency would you like to know about next.

HOW TO BUY CRYPTOCURRENCY/TOKEN

Buying a cryptocurrency/token has gotten really accessible to the general public. Its as simple as downloading the application on your phone, selecting the coin/token you are looking buy and place a buy order.

Binance is a the world's largest cryptocurrency trading application with a wide variety of cryptocurrencies to choose from. 

It is compatible with multiple devices and safe and convenient to trade using Binance.

Start your journey of being a cryptocurrency investor by registering with Binance today using the link below

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