Do Projects Like Shiba Inu & Safemoon Put Crypto At Risk? It’s worth noting that Safemoon appears to have a somewhat reliable mission and team behind it, but many are skeptical and for good reason. As of this writing, Safemoon is ranked 49th in terms of market cap, putting it largely above many projects with functioning and legitimate products. If a project like Dogecoin could help people pay for college and housing, why wouldn’t Shiba Inu? As for Safemoon, the project saw a massive social media push this April. It’s perfectly understandable how newer traders could fall for this so-called “expert” advice. Some YouTube channels dedicate their content to such pumps. Dogecoin is a big example of this, having seen its first TikTok pump and dump last year. They’re appealing to the newbies in the cryptocurrency space, promising riches if they invest. Early investors are involved with both, looking to spread the word on Twitter and other social media. What’s problematic isn’t so much the projects as it is their supposed appeal. This is where crypto’s bad reputation comes from. There’s no legitimate growth from long-term holding. The ones who got in on the ground floor then sell, losing those new investor’s funds. Generally, when a big figure promotes a coin, tons of regular day traders get involved. Namely, one Dave Portnoy, the founder of Barstool Sports, has been shilling it despite having “no idea how this works.” “It could be a Ponzi Scheme for all we know,” he states. However, it’s also been considered a meme coin for various reasons. Safemoon is looking to build an NFT exchange, a video game, and has other promised features. Users wanting to get in on the next meme coin sensation got rekt. That 10% was worth $1.2 billion, and the project value crashed shortly afterward. Not wanting to cause drama, Buterin burned (got rid of) 90% of those holdings, donating the last 10% to a covid relief fund in India. Recently, the anonymous creators of Shiba coin sent Vitalik Buterin – the creator of Ethereum – 50% of all Shiba in existence, hoping at best that Vitalik would endorse the project or at worst that he’d burn them and generate scarcity. Compared to Safemoon, Shiba Inu is a more blatant meme coin. It’s banking off of the Dogecoin fame, using the now-famous Shiba Inu face to attract users. The latter is a self-proclaimed “Dogecoin Killer” and meme token exchange platform.
Two recent projects, Safemoon and Shiba Inu coin, exhibit similar signs of uncertainty. The early buyers are already prepped to sell.
By the time a coin gains traction on social media, it’s often too late. It’s the retail investors that lose out on these projects. The only ones profiting are those on the ground floor, which is a few compared to the many who will get rekt. Suddenly, the early holders have multiplied their earnings and sell out, crashing the price and scamming those they invited in. As word spreads, users buy-in, and the price pumps, which spreads the word even more, making the project a type of pyramid scheme. These sketchy assets often take the form of a meme, having no purpose other than to get a minority rich very quickly.Įssentially, early holders will promote a coin, promising high returns and a great platform to help grow. Shiba Inu & Safemoon – Safe Choices or Questionable Money Sinks?įor every legitimate project like Bitcoin or Ethereum, there are ten scam coins designed to steal your money. A lack of understanding combined with the desire to get rich quickly has seen many buyers lose their holdings to projects that aren’t what they seem. You may control your money with cryptocurrencies, but that also means no one can protect it aside from you.
#Safe moon crypto free
Holders are free to buy whatever coin they like, supporting projects they truly believe in with no restrictions.īut as with all great things, this freedom comes at a cost. Paired with blockchain, this technology removes the need for intermediaries.
Just stepped into cryptoland and are attracted by projects such as Shiba Inu coin and Safemoon? then this one’s for you!Ĭryptocurrencies provide users the freedom to control their funds.
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