There are blue ticks and a very active community on Twitter (including the hashtag #SafemoonSundays which the company tends to use to drop announcements about the coin (the latest of which was on February 13), and a technical whitepaper detailing what the project does, but that doesn’t mean this isn’t a very, very elaborate scam. With cryptocurrencies, it’s very hard to spot scams – nothing is impossible in that sphere.
The name is a little cliché, for instance. A lot of coins are called safe-something and the moon element refers to “moonshot”, a crypto term for getting a huge return on investment. For the same reasons, though, this simply could be a good name to opt for. Another concern is that, while a lot of the coin’s followers are real, many of them are likely bots. A search for “safemoon” on Twitter, using the “latest filter”, shows dozens of very similar looking tweets every few minutes.
However, the coin has been around for almost a year now. Scammers don’t tend to wait so long to pull the rug, because people can cash out whenever they want to, meaning the scammers risk losing money. Also, if Safemoon was a full rug pull, the scam would (at the time of writing) be worth over half a billion dollars. That’s a very greedy number to accumulate before running off with the goods.
Plus, if people suspect a scam, the rumour tends to run like wildfire. If there was a strong feeling of scepticism about Safemoon among the crypto community, it would likely have already been denounced as a scam on a wide scale.