SAFEREUM Price Plummets More Than 95% After $1.2 Million Rug Pull

• ZachXBT shared that SAFEREUM was rug-pulled with more than 730 ETH.
• One of the main promoters of the scam was cryptocurrency influencer ‘SlumDOGE Millionaire.
• At press time, SAFEREUM was worth $0.0000007193 after its price plummeted by over 95% in the past day.

The past 24 hours have been rather gloomy for Safereum (SAFEREUM) investors after a seeming rug pull. ZachXBT, a “rug pull survivor” turned detective, shared in an X post yesterday that SAFEREUM was rug pulled with 730+ Ethereum (ETH), worth approximately $1.2 million.

ZachXBT also revealed in his post that the cryptocurrency influencer ‘ProTheDoge’ also known as “SlumDOGE Millionaire,” was one of the big players promoting the scam. The influencer is reportedly notorious for promoting rug pull tokens similar to SAFEREUM.

In some of his X posts from earlier this year, SlumDOGE Millionaire explained that he is extremely bullish on SAFEREUM. He also highlighted the fact that there were allegedly 5 audits done on the project.

Additionally, just two days ago, the influencer stated that he is “really proud of the SAFEREUM team” for managing to get the token to bounce back to a new all-time high market capitalization very shortly after hitting a $3 million low. The X user made sure to point out that the project achieved this during a bear market.

SAFEREUM is a decentralized meme token launched on the Ethereum blockchain. The fact that the cryptocurrency was listed on Tier 1 exchanges including Gate.io cultivated a sense of trust in the project from traders and investors.

In contrast to the majority of cryptocurrencies, this project does not rely on blockchain technology. Instead, its supply is overseen and controlled via smart contracts in Ethereum’s internal blockchain. The platform does not apply taxes on buying, selling, or converting SAFEREUM tokens, which likely created very attractive conditions for traders.

CoinMarketCap indicated that, at press time, SAFEREUM was trading hands at $0.0000007193. This came after the token’s price plunged by more than 95% throughout the past 24 hours of trading. The token reached its ATH price of $0.0000182 on 21 October 2023.