With additional reporting by Brenden Rearick
On April 20, SafeMoon (CCC:SAFEMOON-USD) overtook Dogecoin (CCC:DOGE-USD) as the top-searched cryptocurrency in the world. The one-month-old DeFi token had all the makings of a breakout success: a large social media following, a function that penalizes sellers, and a rapid return to satisfy even the most demanding moonshot investor. $10,000 invested in SafeMoon in March would have turned into over $2 million by mid-April.
But as the old saying goes, “up like a rocket, down like a stick.” As more Twitter (NYSE:TWTR)-fueled investors piled in, prices inexplicably collapsed. In just two weeks, $8 billion of investor money has vanished.
That hasn’t stopped investors from doubling down. The token still adds almost 20,000 new holders daily, and current stakeholders are strident as ever. To these believers, SafeMoon has “more potential than Dogecoin.” Skeptics are derided…