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Its website carries the slogan ‘Safely to the Moon’ - a play on the phrase first mooted by WallStreetBets on Reddit in an attempt to hype up the price of Dogecoin.
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"It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters," Cornell University economist Eswar Prasad told the BBC.
Bitcoin hit another new all-time high above $68,000 Wednesday, two days after its previous all-time high when it went over $68,000 for the first time on Monday.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
SafeMoon’s Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”
It was originally known as the Matic Network when it first launched back in 2017.
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Being a crypto investor, it’s important to know the liquidity and pricing for each market. Track over 16,000+ crypto markets from CoinMarketCap, and find exchange rankings, volumes and charts. Get details for each exchange’s active markets and fee structures.
Although you can create another private key and start accumulating cryptocurrency again, you can’t recover the holdings protected by your old, lost key.
Users should also turn on two-factor authentication if they haven’t already done so.
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