![]() change the address that can receive LP tokens, 2. While half of SafeMoon’s 10% “exit tax” tokens are sent to existing holders, the other half goes directly to the contract owner, an unknown entity with total control over the token’s protocol. Many of these accounts have gone on to cash these tokens out for millions worth on Binance. Since March, the official SafeMoon Deployer account has sent trillions of SafeMoon tokens to about three dozen private accounts. Likeliness of losing all funds: Absolute”Ĭentral to these accusations were allegations of fraud and misdirection – claims that third-party audits of SafeMoon’s code have since justified. He could pull LP and sell tokens, creating a rug pull. Reason: Owner owns more than 50% of the liquidity and refuses to fix it. “…Seems that scams always pump the hardest.”Ī day later, controversial cryptocurrency watchdog War on Rugs issued its first warning on the currency. “SafeMoon is worth almost 7 billion fully diluted,” Mr. On April 21, cryptocurrency influencer Lark Davis called the new token a Ponzi Scheme. Yet, SafeMoon’s rise also raised eyebrows. NFL players Damarious Randall and Sidney Jones IV also weighed in. By late April, SafeMoon would reach an all-time high, driven by influencers from YouTube star Jake Paul to DJ Afrojack. Within six weeks of its March 8 launch, the token had amassed 100,000 Twitter followers. With some luck, SafeMoon’s marketing team could get their investment community to do their work for them. These increasingly elaborate posts were aimed at garnering grass-roots interest. At that rate, SafeMoon investors would theoretically double their tokens each month.Ĭoncurrently, the DeFi token launched a slick marketing campaign on Twitter and other social media platforms. Cryptocurrencies like Dogecoin turn over their entire market capitalization every few days. ![]() In theory, the system would reward long-term SafeMoon holders at the expense of disbelievers (i.e., sellers). ![]() It would also redistribute half of the exit tax to existing holders. Not only would that reduce the chance of people selling when prices declined - an issue that long troubled the Dogecoin community. Rather than allow investors to sell their tokens freely, the protocol instituted a 10% “exit tax” on would-be sellers. SafeMoon started with an intriguing principle. The SafeMoon crypto hustle of 2021 is only the start of things to come. Because in a world where 1.5 million investors can believe in a cryptocurrency that is “solely built to gain attention,” smart operators will have no trouble finding their next marks. Profits are seen as a vindication of one’s beliefs rather than the outcome of any logical investment strategy.Īs social media influence continues to grow, investors can expect to see more hustles like SafeMoon. Much like conspiracy theorists, many investors join exclusively for the community. ![]() Yet, SafeMoon investors only reflect a broader acceptance of “cult stock” investing - a notion popularized by Tesla (NASDAQ: TSLA) and GameStop (NYSE: GME). ![]()
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