A hashtag that invites you to “press” a file SafeMoon (CRYPTO: SAFEMOON) Cryptocurrency has joined the top trends Twitter Inc (NASDAQ:TWTR) After the post gained traction on Reddit.
What happened: The post by Reddit user “GMEandAMCboppedme” on r/SatoshiStreetBets said that this was not a typical short squeeze but “just a squeeze due to the ongoing massive upward pressure on price due to community-driven volume and the campaign caused by the token burn.”
See also: How to buy SafeMoon (SAFEMOON)
As of press time, in the early hours of Monday, the hashtag #safemoonsqueeze was among the hottest trends on Twitter.
the # Hahaha I started
“Keep in mind that this is the official announcement of a community-led campaign to get out of the biggest pressure ever. This will be the encrypted version of Gamestop and AMC but it is much bigger.”
—GMEandAMC fetched https://t.co/zka4vEH2kk pic.twitter.com/8EQ7UtOShW
Safemoon Warrior June 21, 2021
The Reddit Post said while the file Jim Stop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE:AMC) Short squeezes have been a “mostly American phenomenon, and will be global.”
why does it matter: Calling a “short squeeze,” the post said that the “excessive deflationary nature of SafeMoon” would lead to supply exhaustion due to token burning.
The poster also evaluated upcoming releases of products such as hard and soft wallets and SafeMoon’s future listings on the exchanges.
See also: EXCLUSIVE: Dogecoin Mania Doesn’t Prove “The End of Crypto,” So They Launch Tetherino, “The Most Ridiculous Cryptocurrency Ever”
SAFEMOON is trading 0.28% lower at $0.00000393 at the time of press time. The token fell 2.02% over a seven-day period.
SAFEMOON stock is up 3.84% and 3.69% against Bitcoin (BTC) and Ethereum (ETH) for the past 24 hours, respectively.
BTC is trading down 3.29% at $34,426.62 and ETH is trading down 3.72% at $2,119.46 at the time of writing.
Some posts on SatoshiStreetBets have noted the use of the term “compression”.
“No compression if no shortcut,” one user wrote. Personaanongrata added to the series by saying, “Not everything is stress.”
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