It looks like altcoin buyers are looking for something to rally around, as SafeMoon (CCC:SAFEMOON-USD) trends on Twitter. Inspired by the success of r/WallStreetBets, some of these crypto fans are trying to squeeze prices. Many are now saying that SafeMoon has the potential to be the next GameStop (NYSE:GME) or AMC Entertainment (NYSE:AMC). Is the #SafeMoonSqueeze going to be enough to lift the token’s prices?
Since its inception in March, the SafeMoon token has seen a lot of movement.
The token capitalized on the momentum of Dogecoin (CCC:DOGE-USD) in mid-April, and soared to all-time highs. Although it has rallied since, prices remain deflated. As it stands right now, the token floats at a value of $0.000003527.
A Reddit User Rallies Investors Over #SafeMoonSqueeze
A Reddit user posted an impassioned rallying cry for SafeMoon investors last night. The post, with thousands of rewards and upvotes, commands the masses to join a squeeze of SafeMoon prices. The user is calling this potential squeeze “the crypto version of Gamestop and AMC but way bigger.” They go on to list reasons to be bullish on SafeMoon; relying not so much on technical analysis, but rather claims like, “Safemoon is under attack.”
Let's get #safemoonsqueeze trending!
If you hold #safemoon and you see this you HAVE retweet and comment #safemoonsqueeze 🚀🌕
let's blow the cap off this popsicle stand!!!!!!!!!!!!!!!!!!!!! pic.twitter.com/eeHhHFWMYM
— #SAFEMOON (@SAFEMOO06911315) June 21, 2021
What the hashtag is not doing this morning is actually squeezing the token’s value. As of this writing, trading volume of SafeMoon is down by 4%. Along with a broader crypto crash, SafeMoon prices are down roughly 6%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.