To the moon with Safemoon (SAFEMOON), or a dollar with Dogecoin (DOGE)? These Crypto coins were skyrocketing beyond expectations! 2021 was providing some confusing times in the crypto market; it seems that even regular investors, including Elon Musk, were charging into the Crypto bull market. In late 2022, it all came crumbling down. Crypto scams were in the media all of 2023.
Dogecoin was created in 2013 as a joke; the layman’s cryptocurrency was meant to be about having fun. In 2021, some big names, including Elon Musk, started buying and Tweeting about the coin. In April of 2021, Musk was claiming that Doge would be the one to make it to primary stream commercial use just because it was a joke. His tweets surged the coin into even higher values quickly. The cult following of Doge can be witnessed all over social media with their Shiba Innu dog memes.
The coin has helped educate the public about the values of blockchain while climbing toward the $1.00 value their cult-like followers are predicting. You can read more about Dogecoin in the What is Dogecoin post.
Safemoon was newer to the trend-worthy status of 2021 cryptocurrencies; this unique coin was an altcoin, a blockchain-based currency similar in structure to Bitcoin. Launching in March of 2021, it only needed a few weeks to wrestle with big names like Dogecoin. With popularity comes plenty of criticism; it is concerning that their creators have kept 50% of the coins for their liquidity. Their CEO claims this tactic is to keep the coin more secure, but critics claim it’s their exit scam for what they call a “rug pull.” Pulling the rug from under investors would be detrimental to the cult following who praise this coin as the next Bitcoin with their “to the moon” slogan echoing all over social media. Turns out Safemoon was a pump-and-dump scam.
What happens next? Will there be another trend to chase after, or will crypto investors hold to their favorites, hoping they do go to the moon, please give a lot of thought to investing before throwing your money into these coins. Don’t invest anything you’re not willing to lose and do your research. There have been a lot of scams in the crypto community.
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Disclaimer
I want to make it unequivocally clear that I do not promote any cryptocurrency, nor do I endorse any crypto investments. This website is dedicated to providing information and insights into the world of cryptocurrencies to help you better understand what crypto is. If you ever find yourself in a position where you need to explain your decision not to invest in cryptocurrencies to friends or acquaintances, you can use the content on this site as a guide to discourage people from falling victim to scams or making hasty financial decisions. My ultimate goal is to empower individuals with knowledge and awareness so that fewer people become financial victims. Life is already challenging with its inherent obstacles; we don’t need the added burden of unscrupulous individuals looking to exploit our hard-earned money. Stay vigilant, stay informed, and make financial decisions with caution. Your financial well-being is of paramount importance, and it is my sincere hope that the information here can assist you in making prudent choices.
