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Who created Safemoon? #SafemoonSqueeze trends as scramble for new crypto begins

New cryptocurrency Safemoon was trending with the hashtag #SafemoonSqueeze

Twitter erupted on Sunday, June 20, as people rallied around the newly-created cryptocurrency SafeMoon in the hope its price rises. After a post on Reddit gained popularity, a hashtag advocating for "squeezing" the SafeMoon (CRYPTO: SAFEMOON) cryptocurrency became a top trend on Twitter Inc's (NASDAQ:TWTR) platform.

This was not a traditional short squeeze, according to Reddit user “GMEandAMCbroughtme” on r/SatoshiStreetBets, but rather “simply a squeeze due to massive sustained upward pressure on the price due to community and campaign-driven volume induced token burn.”

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Recently, international hacking collective Anonymous warned Elon Musk against controlling crypto, saying he 'mocks' investors with memes. The Tesla CEO's 'SNL' appearance in May turned out to be a bummer for many as Dogecoin dipped quickly. The same month, Tesla suspended the use of bitcoins to buy its electric vehicles as Musk raised concerns over 'the use of fossil fuels' to mine and transact in Bitcoins. #SafemoonSqueeze was trending all through Sunday on Twitter. Here's all about who owns the company.

Who created Safemoon?

SafeMoon is led by CEO John Karony, who previously worked with the US Department of Defense as an All-Source Analyst, according to his LinkedIn. His profile reads: "Indie Dev | Video Game Enthusiast | SCUBA | Veteran". It also lists him as the founder and CEO of Utah-based company TANO, an indie game studio, which he started in November 2020.

The official website of SafeMoon lists Thomas Smith as the CTO. He previously served as the CIO at Goldsmith Blockchain Consulting. According to his LinkedIn page, SafeMoon's COO is Jach Haines-Davies, who formerly worked as a manager at Likeandshare LTD and Ben Philips Media.

The cryptocurrency token was created in March 2021 on the Binance Smart Chain blockchain. After a slew of celebrity endorsements, including rapper Lil' Yachty, YouTuber Logan Paul, sports blogger Dave Portnoy, and former Backstreet Boys member Nick Carter, SafeMoon's worth skyrocketed. During the 2021 cryptocurrency crisis, SafeMoon reached a peak of $0.00001375 in April 2021 before plummeting to $0.000002868 in May 2021.

SafeMoon extends to "Safely to the Moon" and can be purchased as a Defi token. Dogecoin coined the expression "going to the moon," and SafeMoon is now following suit. SafeMoon, a decentralized financial token comparable to other cryptos like Bitcoin, was introduced in March 2021 and, unlike other currencies, promises to address price volatility issues.

SafeMoon's currency price is US$0.000003967, with a market size of US$2.2 billion, according to CoinMarketCap. Since its entrance to the market, the price of the digital money has steadily increased. Pancakeswap is the primary exchange to buy the tokens from.