“Everyone on Discord and Reddit was calling Safemoon a scam. “To see it collapse like that.” He pauses, then groans. No less than 24 hours later, the price tanked, leaving $35,000 (£25,200) on his balance. I thought, ‘If I could do that once, with the amount of money I currently have, I would be set,’” he says.īrandon threw $100,000 in on the 17th of March and waited. “All these DeFi (Decentralised Finance) tokens started coming out of the blue, doing 50x, 100x. YouTuber Jake Paul responded to Yachty a day later: “factssss”.īrandon, a 25-year-old mortgage broker in-training, invested $100,000 (£72,000) into Safemoon back in March. “#safemoonisthenewdogecoin,” said rapper Lil Yachy, via his Twitter account, on the 29th of March. Then, after a sharp jump in price on the 23rd of March, the wider world began taking notice. They’d already x10 or so – so I thought, ‘Fuck it: let’s jump in,’” he says.īack when it launched in early March, Safemoon could barely break beyond niche, Dorito-dust-fuelled cryptocurrency subreddits. “Everyone was hyping Safemoon because it was already pumping. He had already 10x his money on Hoge, and wanted more. While there are some coins with real-life uses, others seem to do little more beyond making the money printer go: brrrr, brrrr.ĭennis, a 27-year-old IT project manager from Switzerland, chucked 800 Swiss Francs into Safemoon after reading about the project on CryptoMoonShots earlier this year. Similar to its hedge-fund obliterating brother WallStreetBets – which helped to pump the price of Gamestop shares earlier this year – people try to make money on SSB together.ĭenizens of SSB and its sister subreddit, CryptoMoonShots, regularly post cryptocurrency tokens that posters say will “x50”, “x100” and help “take you to the moon”. Like Gabe, I discovered Safemoon back in March, after browsing the cryptocurrency subreddit SatoshiStreetBets. When these extremely low-valued tokens begin sucking in starry-eyed retail investors like Gabe, the peanut-sized price means the token can “reach 10x and higher relatively quick”, says Jack. Jack, a trader and market analyst with a substantial Twitter following, explains that “these assets hit the market at extremely low valuations of sometimes less than $100-200k market caps” – AKA, they’re cheap.īecause of this valuation – Safemoon’s current all-time-low price on Coingecko is $0.00000004 per token – there is theoretically loads of room for the token’s price to grow. Safemoon has had the most attention, but there are others too, like Hoge, Elongate (named after the balding Tesla daddy) and Bonfire. While all investments involve an element of risk, Gabe is part of a new crypto investor cohort who toss small investments into what are called deflationary tokens – or, if you like, meme or “ shitcoins”, because they don’t have much real-life use beyond making a few people very rich. “Hindsight is always a bitch, because you look back thinking, ‘I could have thrown thousands in,’” he says. To spell that increase out in luminous green dollar signs: if Gabe had held on to his $40 investment in Safemoon from early March, it would have been worth tens of thousands of dollars when the value peaked on the 21st of April. Safemoon, however, leaped 23,225 percent, from $0.00000004 on the 14th of March, 2021 to its current all-time-high of $0.00000933, on the 21st of April, 2021. That’s 27 times more than Bitcoin, in a little over a month.
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