Key Takeaways:
- Coffeezilla report is ill-targeted at the project, says SafeMoon community.
- SFM surge by 15%, market cap rallies back above $400M.
LAGOS (CoinChapter.com) — SafeMoon community has rallied to the aid of the protocol following a damning allegation of a scam from popular YouTuber, Stephen Findeisen commonly known as ‘Coffeezilla‘.
In detail, Coffeezilla has previously alleged that SafeMoon was a scam project which was designed to rug pull ultimately. In over an hour-long video, Coffeezilla accused top officials of the protocol of secretly siphoning investors’ funds and liquidity pools.
However, the SafeMoon community while reacting to these allegations has described the YouTuber’s claims as false, misleading, and erroneous. JopeSane through her Twitter handle indicated that the numbers published by Coffeezilla were wrong. She said:
“The math behind the $100m is actually wrong and I have confirmed with Strider that it is indeed wrong. I hope Coffee will correct this.”
Another user, @shumakergreg, debunked several parts of Coffeezilla’s report. Shumakergreg explained that most of the losses registered by the protocol were a result of high tax while removing liquidity.
Furthermore, several other members of the SafeMoon community pointed out that the report was ill-targeted at the project. They indicated that the YouTuber was biased and focused on tarnishing the reputation of the project.
Defending the project’s reputation, another community member said that many of Coffeezilla’s sources in the report were anti-SafeMoon individuals. He said:
“For those wondering who “TNGSystems” is. He happens to be a moderator of a Reddit sub called r/cryptocurrency. TNG posts negative threads routinely which earns his “moons”, the subs own token.”
SafeMoon Community Rally Round CEO
Recall that, the YouTuber had accused Safemoon CEO John Karony of fraud. He alleged that Karony didn’t deposit into the protocol liquidity tax pool and claimed that Kyle was also withdrawing from the liquidity pool during the inception of the token.
However, the SafeMoon community has backed its CEO despite claims of an FBI investigation. A community member noted that Karony was actively working to ensure the growth of protocol.
The community further debunked Coffeezilla’s claim that the Safemoon team paid BitMart to get SFM onboard for trading on its platform. They noted that the Youtuber did not provide enough evidence to support his claim.
They pointed out that the project is not a pump-and-dump project. Moreover, SafeMoon community army noted that protocol’s token (SFM) was definitely heading to the moon.
SafeMoon Price Recovers, Surges 15%
Meanwhile, SafeMoon token (SFM) has since rallied following a 26% drop after the initial release of Coffeezilla’s report, according to data from Coingecko.
The token in the last 24 hours has rallied by more than 15% with its market cap at $423.5 million. SFM which is built on the Binance Smart Chain (BSC) now has a circulating supply of 560 billion SFM coins.
Additionally, SafeMoon Warrior revealed that the FuD phase of the project is over. He disclosed that as an investor who earlier sold 401 million SFM tokens already repurchased 306 million SFM tokens.
