As previously reported by AfroTech, celebrities or public figures are often used to lure people into purchasing certain cryptocurrency tokens. However, when they get behind the products, it often misleads consumers into thinking that the products are more valuable than they appear.

In this case, endorsements made by the previously mentioned stars did cause the value of the tokens to increase. And if you recall, AfroTech previously explained that this is a “slow rug pull” tactic.

Check out our story on “junk crypto,” and what you need to do to protect yourself against the prevalent scam here.

The SafeMoon token was launched in March 2021 under the catchphrase “‘safely to the moon,’ as if to suggest that this latest entry in the cryptocurrency game would reach new heights in a ‘safe’ manner,” Complex reports.

While the stars associated with claims of helping to run up SafeMoon investor numbers did succeed. On the flip side, the company hipped them to “token burns,” which meant removing a certain number of tokens from circulation.

In the end, investors were allegedly tricked into believing that this particular method would increase the value of their tokens – it did not.

By December 2021, the value of SafeMoon tokens took a significant plunge and have struggled to remain afloat ever since.

Nick Carter

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