![]() ![]() Operation Pheonix isn't a "single project," Karony says in a reveal video from last year. It's supposed to bring wind turbines to single households, including in Africa, as part of “a combination of multiple innovations combined into a single SafeMoon ecosystem.” And again, our plan is to bring the future to now,” SafeMoon’s Karony told Motherboard in November.Īs the token's value continued to crash, Karony unveiled a nebulous project called Operation Pheonix-a misspelling of "phoenix" that Karony pronounces as " phay-nix"-that SafeMoon investors are currently hoping will turn the project around. We have a real mission behind us for a tech company. “While memecoins might have a different purpose, SafeMoon isn't a memecoin. Amid the seemingly unstoppable decline, the company became very keen on marketing itself as much more than just a crypto token. SafeMoon's price reached an all-time high of $0.003145 in early January, according to CoinMarketCap, and has been crashing ever since. “I told y’all safe moon was goin up lol,” tweeted Lil Yachty, who has more than five million followers.īut Safemoon hasn't reached the moon, despite having high-profile boosters. “CHECK YOUR #SAFEMOON RIGHT NOW! The price is going through the damn roof! bro we’re rich!” KEEMSTAR tweeted to his more than two million followers in April of last year. 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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