SafeMoon, is a crypto project that attracted immense popularity last year, especially on social media. It was endorsed by various prominent celebrity names like YouTuber KEEMSTAR, rapper Lil Yachty, and boxer Jake Paul.
In the time of the emerging world of DeFi, SafeMoon became a significant name with its flashy marketing and promises of safe riches for investors utilizing complex mechanics.
But Here’s the catch! The project has since witnessed many changes, both negative and positive. For instance, its key employees have departed from the company, and two varied groups of investors have rolled out class-action lawsuits against the project, plus the celebs promoting it addressed it as a fraud.
Even a YouTuber named Coffeezilla has also revealed fraudulent things regarding the project via his videos.
But no matter what, it can be set as a precedent for the folks interested in crypto investing and complex DeFi products.
The BackStory Of SafeMoon
SafeMoon rolled out in March last year and managed to gather instant attention from the people. It was due to its out-of-the-box scheme. Every time someone sells the SafeMoon token, 5% of the proceedings would go back to the current holders, and another 5% is destroyed.
This system was basically developed to reduce the supply of the token and contribute to its price increase. It encouraged the investors to hold the token rather than speculating and trading it. The name highlighted a safe path to reach the moon when the token’s value witnesses highs.
But this is not a new way to carry out your projects’ operations. What made the project a bit distinct was the number of influencers who bought in and endorsed the project and also motivated others to join hands.
KEEMSTAR tweeted about expressing the madness about SafeMoon. Along with several others who Tweeted optimistic stuff about the crypto project.
But despite all this, SafeMoon soon witnessed dark clouds instead of reaching the moon; it certainly fell gradually.
SafeMoon hit its All-time high in January 2022, when it reached $0.007232. It is trading at $0.0004945 with a market cap of $278,898,991.
Amidst all the fall in the price, SafeMoon’s CEO John Karony also unleashed a project called Operation Pheonix, which seems to be a ray of hope for the current investors. The project is supposed to bring wind turbines to every household, including Africans.
SafeMoon displayed the Wind turbines in the reveal video of Operation Pheonix. But Coffeezilla revealed in a video that they are actually made by a startup called Semtive. However, it is a bit foggy as to what exactly the company plans using these turbines and the money. Although in the January video, the CEO highlighted that they would integrate them with a planned metaverse game.
Other than this, as part of the same project, SafeMoon also initiated to look at Africa, particularly The Gambia. It claimed to be working with the local governments to adopt the token as a local currency. But this attempt did not result in something solid either.
Work in Africa remains their top priority on their impact agenda, highlighted by the CEO in an April Captain’s Log message. And that the recent trip to The Gambia reminded him of opportunities elsewhere, like in the US.
Furthermore, SafeMoon also promises its own cryptocurrency exchange. The company also released its crypto wallet, but then it looked like a xerox of the Trust wallet, as cited by Blamebootsy, who is another blockchain investigator who also helped Coffeezilla with his SafeMoon investigation.
Despite all this, some investors are still optimistic about the project’s potential and are still holding their tokens with the hope that Operation Pheonix might prove to be a turning point.
SafeMoon also witnessed lawsuits and acquisitions by Coffeezilla, but it is still prevalent due to Karony sailing the ship. It is to look forward to how the project restores trust from those who have left the hope.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/05/13/whats-up-with-safemoon-the-crypto-that-gave-hopes-for-the-sky/