On day of relief, ‘viral’ cryptocurrency rises 6,800% in 24 hours

CoinMarketCap data from Thursday afternoon (14) indicated that the SafeMoon Price (SAFEMOON) greatly boosted what presented itself as a possible truce for Bitcoin (BTC), which was trading close to $20,300. and with an increase of around 2.5%.

Exacerbating the rally of several decentralized finance (DeFi) tokens, which did not go beyond double digits, SAFEMOON hit a 24-hour high of around 6,800%, although the chart showed a nearly 90-degree upward line at 9pm. on Thursday (13), with the price of SAFEMOON going from US$0.000000004056 to US$0.0000005331 five minutes later.

24-hour chart of the SAFEMOON/USD pair. Source: CoinMarketCap

Since numbers are extremely small, each decimal place shifted to the left represents a number ten times larger than the previous number. In the case of the crypto asset, there were two movements in practically five minutes, so that the value, at that moment, was 131.43 times higher than the price of the token before the “explosion”. In terms of percentages, the rise at that time was just over 13,000%.

On the other hand, SafeMoon, despite going viral on social media in the past as it was endorsed by celebrities and influencers such as rapper Lil Yachty, YouTuber KEEMSTAR and boxer Jake Paul, with flashy promotions and promises of “safe” riches. ”, ended up becoming a kind of DeFi “roller coaster”. So much so that celebrities are the targets of a lawsuit in the United States, accused by investigators of pumping and dumping SafeMoon.

Considered suspicious, the project presents itself as a combination of Reflect Finance (RFI) tokens and an automatic liquidity generation protocol.

Although the name, in the Portuguese translation, suggests a safe way to get to the moon, as the protocol provides that every time someone sells the crypto asset, 5% goes back to the current holders while 5% is burned as a way to increase scarcity and, automatically, the price, in practice the story may not be this.

In April this year, YouTuber Coffezilla, in a 40-minute video, presented the results of an investigation accusing Safemoon developers of embezzling millions of dollars from the project for themselves, as reported by Cointelegraph Brasil.

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