That Fantasy Story of SafeMoon, What Happened to this Hyped-Up Crypto?

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Although celebrities helped spread the word about SafeMoon, the company's stock has since plummeted 85% as it shifts its focus to wind turbines and African development in the face of legal threats.What Are Stop-Loss and Take-Profit Levels and How to Calculate Them?

In 2017, a digital currency known as SafeMoon quickly became widely popular online. Many famous people, like artist Lil Yachty, YouTuber KEEMSTAR, and boxer Jake Paul, have publicly endorsed it. Its showy marketing, promise of "secure" riches for investors through sophisticated mechanisms, and sub-cent value became symbols of the new field of decentralised finance, or DeFi.

Key employees have left, two groups of investors have filed class action lawsuits accusing SafeMoon and its celebrity promoters of "pump and dump" fraud, and the price of the token has dropped by around 85 percent in just a few months, forcing the company to turn off some of the early superstar investors who pumped it, such as Barstool Sports founder Dave Portnoy, who called it his "worst purchase." Many investors have redoubled their support for SafeMoon after hearing that Coffeezilla, a well-known independent researcher who examines crypto frauds, has accused the remaining members of the company of misappropriating millions of dollars. Two million people have seen Coffeezilla's videos on SafeMoon.

SafeMoon's story is one of a rising star becoming a cautionary tale for anyone interested in investing in cryptocurrencies and more advanced DeFi solutions, whatever the company's eventual fate may be.

The popular Twitter account and website dubbed "Web3 is going just fantastic" are managed by crypto critic Molly White, who concurs.

"I'm eager to see how the lawsuit pans out because it has the potential to send a powerful message to influencers who have been participating in pump-and-dump schemes with little to no fear of repercussions," White mentioned in an online discussion.

SafeMoon, its CEO, and other staff did not respond to several requests for comment on this article; nonetheless, in November, Motherboard interviewed SafeMoon's CEO, John Karony, for an episode of Cryptoland.

First introduced last year, SafeMoon quickly gained notoriety for its novel incentive structure, which sees sellers of SafeMoon tokens return 5% of the proceeds to existing holders while destroying the remaining 5%. In principle, this approach should lower the token supply and increase its price, discouraging investors from shorting or day trading SafeMoon and instead encouraging them to keep the cryptocurrency. Its name suggests it would be a risk-free way to "reach the moon," a term used in the cryptocurrency industry to describe when a token's value suddenly skyrockets.

This wouldn't do much to set SafeMoon apart at the moment. Similar strategies are used by other DeFi cryptocurrencies, making SafeMoon's seem almost elementary in comparison. The success of SafeMoon can be attributed in large part to the fact that many influential people believed in and supported the initiative.

I told you the safe moon was rising,Lil Yachty, who has over five million followers on Twitter, wrote

Despite its prominent backers, Safemoon has failed to reach the moon. Instead, it crashed to the ground below. According to CoinMarketCap, the price of SafeMoon peaked at $0.003145 at the beginning of January and has been steadily declining ever since. At this time, one unit costs $0.0004731. When things started going south, the company focused heavily on branding itself as more than just a cryptocurrency token.

SafeMoon is not a memecoin, albeit the goal of memecoins is different. As a technology firm, we are driven by a genuine purpose. "To reiterate, our goal is to make the future a reality right now," Karony of SafeMoon told Motherboard in November.

SafeMoon investors are holding out hope that Karony's unnamed project, Operation Pheonix (a typo of "phoenix" that Karony pronounces as "phay-nix"), will save the project as the token's value continues to plummet. To put it another way, the "combination of various breakthroughs merged into a single SafeMoon ecosystem" is expected to make it possible for individual homes to install wind turbines, even in Africa.

Karony explains that Operation Pheonix is not a "single project" in a 2017 unveiling video. This is how he puts it: "When decentralisation is used effectively inside a macro IoT infrastructure, it allows for increased efficiency."

SafeMoon highlighted the wind turbines in the Operation Pheonix unveiling film. But the turbines are actually built by a clean energy business named Semtive, as Coffeezilla pointed out in his SafeMoon video.

SafeMoon has bought numerous wind turbines, a Semtive representative confirmed to Motherboard. The company's representative stated that clients are welcome to put their own logo on the turbines as long as Semtive's logo is also present.

Karony, reading from a teleprompter in the Operation Pheonix unveiling film, says that SafeMoon is focusing on "surface modification of the foils on smaller turbines through the application of hydrophilic and hydrophobic particles." Karony thinks this will make wind turbines more efficient. In actual use, it seems like small black dots were sprinkled around Semtive's wind turbine.

It's not entirely clear how the corporation and customers are expecting to benefit from these wind turbines or how much money will be made. In a video posted in January, Karony described combining them with a planned metaverse game. "So, you have the wind turbine in real life, turning and burning, doing its thing, and then in the game, you have a resource generator that you've built on your tiny plot of land, and it's generating resources depending on the energy produced in the actual world," Karony explained. SafeMoon issued a lengthy Reddit thread as a community update, in which users speculated on the possible outcomes.

Project Pheonix saw SafeMoon exploring Africa, specifically The Gambia, with the standard cryptocurrency pitch of helping the "unbanked." SafeMoon stated that they were collaborating with jurisdictions to legalise the token for use as legal tender. Nothing substantial has come out of that endeavour as of yet.

Do you know anything about the cryptocurrency company SafeMoon? Please feel free to contact us. Lorenzo Franceschi-Bicchierai can be reached confidentially through Signal at +1 917 257 1382, Wickr/Telegram/Wire @lorenzofb, or via email at [email protected].

While work in Africa remains "one of our highest objectives on our impact agenda," a recent trip to The Gambia reminded Karony of opportunities abroad, including in the United States, as he shared in a recent Captain's Log message to the SafeMoon community.

"We continue to pursue our Gambia activities directly, through our own networks," the site reads. "This is the best opportunity to improve the lives of as many people as possible in that area." "Although I will always hold The Gambia in high regard, my recent travels have opened my eyes to the many other possibilities in Africa and the rest of the globe, especially the United States."

SafeMoon is currently only tradeable on decentralised exchanges like PancakeSwap and smaller exchanges like BitMart (when compared to leaders Binance and Coinbase), but the company has promised to develop and distribute its own cryptocurrency exchange in the near future. Although the company has released its own cryptocurrency wallet, Blamebootsy, another independent blockchain investigator, has stated that it appears to be a duplicate of the Trust Wallet. This information was provided to Coffeezilla to aid him in his study of SafeMoon.

SafeMoon's popularity brought in both financial backers and volunteers eager to see the firm succeed. Many supporters of the project are still confident in its potential and are eager to defend it, even as the token's value has plummeted and its promises remain unfulfilled.

It's important to note that not everyone has remained so optimistic. Indeed, lawsuits targeted at Safemoon, its executives, including Karony, and celebrity marketers accuse them of conducting "misleading advertisements and celebrity endorsements" that artificially inflated the token's price, "forcing investors to purchase these losing investments at inflated rates." The SafeMoon website encouraged investors to "HODL!" However, the lawsuit alleges that the company's executives and promoters sold tokens to which they had access.

One of the complaints read, "This case originates from a plan among numerous unscrupulous individuals in the cryptocurrency field to misleadingly advertise and sell the digital asset linked with SafeMoon (the SAFEMOON Tokens) to nave investors."

One of the accusations in the class action lawsuit is that a participant in the project, who goes by the name "The Ginger," became a moderator for SafeMoon's official Discord in March 2021 and became involved in livestreams with company workers. (The Ginger preferred that his true identity not be revealed for fear of reprisal.)

"I drank all the Kool-Aid," the Ginger confessed to Motherboard. "Our cult-like following grew to enormous proportions."

SafeMoon's "main cause" for early success and virality, according to the Ginger, was a series of Reddit AMAs that business members hosted on a weekly basis.

He stated, "They started with some fairly simple stuff, but holders would turn in and see vape pens and hoodies, relaxed backs, excited, and happy people who seemed to genuinely love each other and what they were doing." They didn't appear pushy, and they were quite "cool." Simply interact with others as you go.

The Ginger, however, has stated publicly that "the initiative currently has no accountability, oversight, or meaningful experience in the space" after SafeMoon was publicly accused in the Coffeezilla video. He said he believed Coffeezilla's claims.

In May 2021, Ginger departed SafeMoon to work on a new cryptocurrency venture with several other ex-employees. This new venture was named Piggy Tokens. He also allegedly accused the project's designers of cheating investors and himself before leaving the team a few months later.

There are many unknowns about SafeMoon, and that is essentially all we know about it at this point. There is "misappropriation of cash," Blamebootsy told Motherboard in an online chat, and "a lot of stuff that has to be reviewed by a third party." Will I label that as theft? The reason I can't decide is that I'm not a judge. It's not my position to bring up stealing, anyway. Do I believe that a large sum of money must be accounted for and that someone must reveal its whereabouts and fate with absolute transparency? Okay, that's a reasonable request, in my opinion.

While the storm rages around them, Karony keeps SafeMoon moving forward.

It's going to boil down to faith, that's for sure. Karony told Motherboard last year, "You know, you need to be able to develop trust in a trustless industry."

Conclusion

Keep in mind that it is difficult to precisely anticipate the price of a coin or token in the next few hours, much less make long-term estimates, while thinking about an SFM token price prediction because cryptocurrency markets remain quite unpredictable. So, experts and algorithm-based forecasts can and do make mistakes. Coin holders that refrain from selling their cryptocurrency early will get the most benefits from the cryptocurrency. This makes SafeMoon a potentially advantageous cryptocurrency investment, especially for those who are looking to make a long-term bet.

FAQs

Where has SafeMoon been?

SafeMoon has seen a price drop of 13.92% over the past week. Within the past day, the cost has gone up by 0.26 percent.

Is there a potential for SafeMoon?

The cost of one SafeMoon moon is expected to range from $0.08 in 2025 to $0.0072 in 202.Token listings on major exchanges like Coinbase, Binance, and Kraken may boost prices, according to price predictions. By the first half of 2025, the price of bitcoin might reach $0.0072.

How come SafeMoon lost so much value?

Where did all of the money that SafeMoon was supposed to generate end up? Celebrities helped boost SafeMoon's stock price before its 85% drop due to the company's shift in focus to wind turbines and African development in the face of legal threats.

That's all for today, see ya tomorrow! If you want more, be sure to follow our Twitter (@croxroadnews)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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External Links

• What Happened to SafeMoon and Why Is Its Price Sinking So Fast?

• Everything You Need To Know About SafeMoon – What Lies Ahead?

• SafeMoon price prediction: Can SFM reach the Moon and stay safe?

• Bitgert Takes Over Safemoon Hype After Revealing Its Founder Went To College

• SafeMoon’s emphatic fanbase won’t let it fail

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