It seems these days that everyone and their grandmother knows about cryptocurrency. What was once a very little known alternative to fiat currency only a decade and change ago has now become a hot topic the world over. Lead by powerhouses like Bitcoin, Ethereum, and more recently Dogecoin, this new electronic currency has grown in immense popularity — lauded by everyone from Meme King Elon Musk to celebrities like Jamie Fox and Gwyneth Paltrow, whilst making many shrewd early investors millions of dollars in the process.
One of the newest kids on the block to gain international attention is Safemoon, a decentralized finance (or DeFi) token that whilst not strictly a cryptocurrency carries many of the same hallmarks. It’s insane popularity in a matter of months (2 million ‘Hodlers’ and counting) has led to many other copycats all hoping to make their mark on the relatively new industry. Those who missed the boat on Bitcoin have flocked to Safemoon and similar DeFi tokens such as Shiba Inu and Bonfire, hoping that they can net big paydays whilst supporting the crypto communities they believe in.
Unfortunately, there is a dark side to DeFi. Currently unregulated, many investors have lost big, plagued by the myriad scams that corrupt developers or groups deploy, hoping to make themselves a quick buck. The most common of these ploys are the pump and dump — where a token is pre-sold and then dumped when the developers or pump groups make enough money and run — to rug pulls, where the value of the coin is extracted and the ability to sell restricted, meaning all profits go to the developers as the value drops, whilst investors are left holding the bag. Often the biggest draw in this new Wild West of crypto are charity tokens, which some developers readily exploit — purporting to be supporting causes close to many people’s hearts, whilst actually donating to themselves instead. (Forestry anyone?)
A light at the end of this tunnel of scheming and manipulation are community tokens, which often arise after one of the aforementioned scams has already taken place. Whilst the developers might have cashed in and checked out, the token itself still exists, meaning that people who want to raise it from the ashes can band together and make it valuable once again.
One such token that has done this to immense early success is DragonMusk.
After being a victim of an unexpected and targeted pump and dump scheme, the community was left reeling after the value of the token dropped to almost zero. Almost immediately afterwards, positive members of the collective stepped in to help. Now helmed by Raff Sleem — an entrepreneur from Melbourne Australia — the token has gone from strength to strength, raising its market-cap from 60,000 USD to 5.5 million in a matter of days. Two weeks on Raff and his dedicated community team have managed to raise the number of holders to over 10,000, as well as getting the token featured on several major DeFi listings, including CoinMarketCap and CoinGecko. Now with an entire logo overhaul, a new website and White-paper, as well as what appears to be the friendliest Telegram community in the crypto field, the buzz around DragonMusk and its future has never been more electric.
But Raff isn’t content to stop there.
A victim of several rug-pulls himself, Raff has vowed to make Dragonmusk a shining beacon in the murky space that DeFi can be.
‘We want Dragonmusk to be the guardian of DeFi’ he claims. ‘A trusted community that people can turn to, knowing that they only have positive intentions, which can be rare in this space.’ His aim is to first use Dragonmusk’s considerable clout to assist those who have been victim to scams. The initial target will be to compensate 1000 individuals who have spent the last few dollars of their disposable income in hopes of bettering their lives, only to have it stolen from under them.
“We want to offer a helping hand to those who feel dejected and are considering leaving the DeFi space for good, due to a few bad experiences,” Raff explains. “We want them to see that not all projects are toxic, and there are actually many projects seeking to do genuine good, and improve the space for the benefit of everyone, so that a true alternative to fiat currency can thrive.”
Beyond this initial olive branch for those who feel betrayed by malevolent developers, Raff and his team hope to eventually turn DragonMusk into a household name — one that is synonymous with good intentions and that is focused on improving the space for the benefit of all. New projects will eventually be allowed to call on Dragon Musk to thoroughly vet them, allowing all potential investors to know that if it carries the DM seal of approval, it is an honest and safe community to join.
“The DeFi space has only just begun,” says Raff, “and it still has so much room to grow. If Dragon Musk can help new arrivals feel safe with their investments and protected from scams, then we will have achieved our mission. We are a powerful team, backed by an amazing and supportive community, and together there is no question that we will achieve our aims.”
If you want to find out more about DragonMusk and their aims to improve the DeFi environment for the good of all, join their telegram group on https://t.me/DragonMuskCommunity