Safemoon The Next Coin to Rekt New Retail Investors
April 20 was meant to be 'Doge Day', but DOGE lost retail's attention when their favorite meme based token failed to rocket to $1, but instead left many people holding the bag. Like clockwork came the next social media pump that thrusted Safemoon to the front of the pack. Next thing you know it's taking off with Tok Tok, Youtube, Twitter and other major internet gurus shilling this coin.
Safemoon launched in March and is up by roughly 2,000% in a month, according and searches for the cryptocurrency peaked early on April 20, as momentum was meant to be building behind DOGE. The coin climbed to a high of $0.000014. However, just like DOGE, Safemoon has fallen with rug pull fashion. This has created another group of retail investors holding the bag. It's also open the doors for a bunch of safe tokens repeating this pattern.
Safemoon is a decentralized finance token launched in March 2021. Its tagline, "Safemoon to the Moon!", a similar slogan trumpeted by DOGE fans. It seems Safemoon is similar to DOGE in the sense that it is unclear what the utility of the project is or will be. I think it's just a pump and dump driven by TikTok and other viral marketing engines.
this does bring up an interesting topic around social engineering and the power it has to create social media trends, built a community of hype and speculation around it. Social engineering combined with a pump and dump scheme makes for lucrative venture for the scammers, but leaves a trail of wreckage for those left holding the bag.
All I can say is don't get left with the bag if you decided to trade these types of projects. Yes, you can make money, but you need to be carful and make sure the risk reward is worth it.
Posted Using LeoFinance Beta
