Safemoon an emerging Crypto that raised hopes, made many felt their long hopes of getting financial freedom through Crypto has arrived, instead of making dreams come true, it's instead leaving many traders rekt.
After the creation massive growth of Safemoon, many believed the coin will be listed on big exchangers like Binance after it trended for almost a day on Twitter. Just a few days later, Safemoon began to dip and went on a rug.
Safemoon was declared a rug by Waronrugs after they claimed the creator of the coin held over 50% of it's liquidity and was refusing to let go of it. The creator was said to have held a bigger amount of his coin, whereby burning it by himself to increase the value and get other traders to hussle around the remaining and as a result, Safemoon hiked and became an attraction to crypto traders.
The hiked was so massive, one who bought Safemoon worth $10 saw the value of their $10 worth of Safemoon rise to $200 and more, that's above 2000%.
After the discovery of the claimed scam being initiated by the creator, the dip/dump of the coin began. A 10% gas fee was placed on the coin on Pancakeswap as trader rush to sell off instead of watching the value of their money run down.
On their official Twitter handle, the creator of Safemoon has assured it's holder that the coin will bounce back as they are only experiencing a little downtime after they were declared a rug.
Recall, BSCScan gave of 1,000,000,000,000 as the amount of Safemoon in distribution. Safemoon has not rug out from the Crypto market completely but it's value has kept depreciating.