Plaintiffs allege that SafeMoon is a “Ponzi” scheme. Plaintiffs filed a class action lawsuit against various celebrity and social media promoters of SafeMoon last month. The Lawsuits Are Already Being FiledĪs is often the case when an investment collapses, people are now turning to lawyers. And while the influencers are probably doing fine, some of their followers surely have regrets with the price down more than 95% from its peak.

Other influencers, however, offered much more promotional and less frank assessments of SafeMoon’s future. And, in terms of return on investment, that was probably a winning trade. Portnoy, you may recall, invested $40,000 in SafeMoon saying that “I have no idea how this works,” but seemingly thinking it was a good marketing stunt regardless.

Sure, the project found buyers when folks like Dave Portnoy and Jake Paul were talking about SafeMoon last year. It appears that there simply isn’t much organic demand for anything related to the SafeMoon ecosystem. However, SafeMoon V2 is also down sharply in 2022. The developers stopped support for V1 of SafeMoon, and the price and trading volume has continued to dry up. Recently, SafeMoon migrated from V1 to V2 of its platform. SafeMoon Carries On, But the Project Is Losing Steam If you strip the first zeros off those prices, SafeMoon hit more than 100 per token last year and is at just 5.7 now, or a more than 94% decline in value. At its peak, SafeMoon reached more than $0.00001 per token.

It came out to a bunch of hype last year and initially skyrocketed in value. However, in the crypto world, SafeMoon has a less than stellar reputation.

Safe moon crypto stock name