 | Hey r/CC! Today marks the 2-year anniversary of the launch of SafeMoon, it's time to reflect on the ups and downs of this cryptocurrency journey. SafeMoon's inception was met with a lot of excitement, and it quickly gained popularity among investors. However, the ride has been anything but smooth since then. When Safemoon first launched in March 2021, it gained a lot of attention and hype within the crypto community. Its unique tokenomics, which included a 10% transaction fee, where 5% was burned and 5% was distributed to existing holders, attracted many investors looking for the next big thing in the crypto market. The team behind Safemoon also launched an aggressive marketing campaign, which included influencer endorsements and social media promotions - The endorsements by celebrities and influencers like rapper Lil Yachty, YouTuber KEEMSTAR, and boxer Jake Paul further popularized the project - As a result, the token's price surged in the first month, reaching an all-time high of $0.00001057 on April 20, 2021. As of March 2023, SafeMoon, a cryptocurrency that became popular in 2021, has seen a decline in value and faced numerous controversies. SafeMoon's value dropped around 85 percent in a few months, leading to two groups of investors launching class actions lawsuits against the company and its celebrity promoters, accusing it of "pump and dump" fraud. SafeMoon also received criticism from independent researcher Coffeezilla, who accused the company's employees of misappropriating millions of dollars. Despite this, a few investors remain optimistic about the company, and its CEO, John Karony, has unveiled a project called Operation Phoenix that investors hope will turn the project around. Despite the controversies, SafeMoon's story remains a cautionary tale for people interested in investing in cryptocurrencies and more complex DeFi products. Many investors are interested in seeing how the lawsuits against the company and its celebrity promoters will play out, as it could send a strong signal to influencers who engage in "pump and dump" schemes without fear of repercussions. SafeMoon's CEO, John Karony, had described SafeMoon's mission as that of a "tech" company , emphasizing his plans to bring the future to the present. He also introduced Operation Phoenix, which aims to bring wind turbines to single households in Africa, as part of a combination of multiple innovations combined into a single SafeMoon ecosystem. The plan for the wind turbines and how they will generate revenue for the company and users is unclear. Karony also mentioned integrating the turbines with a planned metaverse game in a video posted in January 2023. Two years later, SafeMoon is still struggling to gain traction and is considered by many to be a dying project. Despite the efforts of its community, SafeMoon has failed to live up to its initial hype, and many early investors have lost faith in the project. While some die-hard fans still believe that SafeMoon has the potential to turn things around, others are more pessimistic and believe that it's only a matter of time before the project is declared dead. At this point, it's difficult to say exactly how long SafeMoon has left, but the odds are certainly stacked against it. Where do you think it goes from here? Shout to /r/SafemoonInvesting for opening the eyes to many investors, and /u/TNGSystems for a lot of depth investigation. [link] [comments] |
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