![]() What can better explain SafeMoon’s rise is how many influencers bought in and openly endorsed the project, encouraging others to join in. Other cryptocurrencies in DeFi adopt similar schemes, and SafeMoon's could even be said to be on the simpler side. ![]() ![]() So far, this wouldn’t make SafeMoon particularly special. As its name implies, it was supposed to be a "safe" way to reach the moon-crypto-speak for when a token's value skyrockets. This system is designed, in theory, to reduce the supply of the token and drive up its price, encouraging investors to hold SafeMoon instead of speculating and day trading it. SafeMoon’s story began last year, when the cryptocurrency launched and almost immediately gathered a lot of attention thanks to its unusual scheme: every time someone sells the SafeMoon token, 5 percent of the proceedings go back to current holders, and another 5 percent is destroyed. SafeMoon, as well as its CEO and other employees, did not respond to multiple requests for comment for this article, but Motherboard spoke to SafeMoon's CEO John Karony for an episode of CRYPTOLAND in November. “I'm really looking forward to watching how the litigation goes, because it could be a strong signal to influencers who have been engaging in pump-and-dump schemes without any apparent fear of repercussions," White said in an online chat. Molly White, a well-known crypto critic who runs the popular Twitter account and website called “ web3 is going just great,” agreed.
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