A hashtag calling for “squeezing” the SafeMoon (CRYPTO: SAFEMOON) cryptocurrency joined high traits on Twitter Inc’s (NASDAQ:TWTR) platform after a publish gained traction on Reddit.
What Occurred: The publish by Reddit person “GMEandAMCbroughtme” on r/SatoshiStreetBets mentioned that this was not a typical quick squeeze however “merely a squeeze resulting from large sustained upward strain on the value resulting from group and marketing campaign pushed quantity induced token burn.”
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At press time, within the early hours of Monday, the hashtag #safemoonsqueeze was among the many high traits on Twitter.
The #SafemoonSqueeze has begun
“Contemplate this the official announcement of a group pushed marketing campaign to pop off the largest squeeze of all time. This would be the crypto model of Gamestop and AMC however manner greater.”
— SafeMoon Warrior (@SafemoonWarrior) June 21, 2021
The Reddit Publish mentioned whereas the GameStop Corp (NYSE:GME) and AMC Leisure Holdings Inc (NYSE:AMC) quick squeezes have been “largely an American phenomenon, this will likely be a world one.”
Why It Issues: Making the case for a “quick squeeze,” the publish mentioned SafeMoon’s “hyper deflationary nature” will result in a depleted provide resulting from token burn.
The poster additionally took inventory of upcoming releases of merchandise such because the laborious and delicate wallets and future listings of SafeMoon on exchanges.
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SAFEMOON traded 0.28% decrease at $0.00000393 at press time over 24 hours. The token has declined 2.02% over a seven-day interval.
SAFEMOON has risen 3.84% and three.69% towards Bitcoin (BTC) and Ethereum (ETH) up to now 24 hours, respectively.
BTC traded 3.29% decrease at $34,426.62 and ETH traded 3.72% decrease at $2,119.46 at press time.
Some posts on SatoshiStreetBets took discover of the utilization of the time period “squeeze.”
“There is no such thing as a squeeze if there is no such thing as a quick,” wrote person DayFeeling. Personaanongrata added to the string by saying, “Not the whole lot is a squeeze.”
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