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.
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I bought safemoon after the fact... I figure a full moon comes about once a month...
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I see what you did there! Just weigh the risk/reward.
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I think it's great people can laugh about it. i think we should not normalize these clone pump and dumps...
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This is as far as I got with Safemoon:
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Ha Ha :)
@revise.leo
I see that you and I have the same size bag of Safe Moon
I hope we don't get caught holding the bag.
I don't want to be a bag man.
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I had a quick dig around and couldn't see any basis for buying any!
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SELLLLLLLLL THEM BEFORE THEY DUMP ! Didn't you read the post? xD
You still added the coin to metamask it seems, did you almost buy some?
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It does seem that way lol
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I wasn't even close to buying any! I'm doing OK without these crazy crazy coins!
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That’s probably the best move I did not even get that far lol. I do t mind making money, but the risk/reward is not worth it. I wish the apps like tik tok would push good projects not these get rich quick scams.
It is never worth it to support a scam in my opinion! Capital gains aren't everything, morals are important and buying scam coins to make a quick buck is very shady.
Yep, @myfreebtc I agree with this 🙄
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Exactly I think these types of actions are very selfish and hurt the community. The risk/reward is not there and that does not even include the moral argument you have mentioned. I try to bring it to peoples attention but the backlash you get is ridiculous. It’s probably bots paid for by the pumpers. I want to see a real project get exposure in these apps.
While pump and dumps have repercussions in the stock market people are so attuned now to thinking they are "safe" and someone else is going to protect them for their stupid greed and mistakes that they don't realize Crypto is centralized and pump and dumps are always going to be here. You either ride them yourself or you smarten up real fast!
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I think the optics are wore for crypto since most people not in the ecosystem think its already shady. As a community we should strive to educate people and warn them of the risk. If they end up joining that is on them, but I know I fell bad for bag holders.
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Education is key. I think Leo could be that educational center for the crypto space.
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Hi @cryptictruth
This is tragically sad.
Doge and Safemoon are going to be the first investment for many Newbies and they are potentially going to be turned off by these investments, if they go south. I know a person who bought it. It made me sad that they bought this instead of Bitcoin or ETH. I understand Hive and Leo seem complicated, but I think Newbies should just buy Bitcoin and read about crypto for now.
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The problem many will buy bitcoin to go to safemoon and doge.
Crazy to see like you said
Rekt very soon
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Yeah it’s the reckless nature of these pumps and dumps they bring a bad name to crypto.
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Yes it’s sad that this will be the first few coins people try. I say invest in projects not just a coin. If the tech is good the coin price will eventually match.
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I profited off this haha. Bought some when my cousin said to get it and sold when it went up. He's still in that fool.
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i'm glad you made money, but as you pointed out more are bag holding. I hope you cousin could afford to lose that money.
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He can. He threw some fun money into it. If it goes to 0 it’s fine, if it goes up and he profits yay.
That’s good to hear crypto should be treated that way as should most investments. You want to know when you’ll need money.
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It's all about putting in what you are willing to lose. Risk and time horizon are key for any investment.
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Tok Tok 😆
I've heard about SafeMoon everywhere on Twitter and Reddit, and I'm definitely not trying anything with it.
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Tik tok is about the best social engineering around. Their algorithm is unparalleled.
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Totally agree with this man, these defi coins are the ICO shit coins of this bull run, I don’t feel sorry for anyone who gets involved in these things it’s pure gambling and greed
I am more than happy with my returns in Bitcoin I don’t need more than that
People will make money, but most won’t I wish people would be more open to education and understand the risk/reward. The social engineers should be the most ashamed as they either are being paid or bought in early and know that they are constricting and contributing to a pump and dump. The issue is everyone is in crypto to get rich quickly and not about how it can change the world.
@chekohler
I agree. I tell all my newbie friends to buy Bitcoin or ETH, no matter how small the amount seems. Stack Sats not Bitcoin, then it doesn't seem so small.
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Truth! I call that cost dollar averaging which is a sound investment plan.
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What I feel "angry" about is people getting rich with it. Actually I have even a lot of hate towards them...
They seem like scammers to me.
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LOL they dont seem like scammers, they are scammers straight up, all these projects are just there to try and get YOUR Bitcoin and Ethereum nothing more
True, but I meant that people could still make money even out of this 'scams' not like Bitconnect haha
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Well, it always depends when they get on the train but as usual they will be getting on the FOMO point, the ATH and HODLing through oblivion or even selling at a huge loss...
History always repeats itself hehe
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It does. You have to question everyone’s motives now a days.
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I think many get in to make a quick buck because Bitcoin or other solid altcoins can't 10x or 100x in a couple of days which is what these investors are looking for.
It is unfortunate people get burnt on these but maybe it's a lesson they have to learn if they really want to get into crypto for the long haul.
In any case, I cannot morally get into any of these Shitcoin projects knowing full and well that they're mostly a pyramid scheme.
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It's a learning lesson for all and yes I agree I can't get in on it either. It feels dirty knowing that more will get burned. I wonder how Elon feels about all the bag holders he created.
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I'm sure he does not care...
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Yes... you have to be very careful with some of these coins.
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Best practice to look at those who are pumping them.
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unSafemoon....3.0
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Goo up safemoon