A hashtag calling for “squeezing” the SafeMoon (CRYPTO: SAFEMOON) cryptocurrency joined top trends on Twitter Inc’s (NASDAQ:TWTR) platform after a post gained traction on Reddit.
What Happened: The post by Reddit user “GMEandAMCbroughtme” on r/SatoshiStreetBets said that this was not a typical short squeeze but “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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At press time, in the early hours of Monday, the hashtag #safemoonsqueeze was among the top trends on Twitter.
#SAFEMOON
— SafeMoon Warrior (@SafemoonWarrior) June 21, 2021
The #SafemoonSqueeze has begun
“Consider this the official announcement of a community driven campaign to pop off the biggest squeeze of all time. This will be the crypto version of Gamestop and AMC but way bigger.”
—GMEandAMCbroughtmehttps://t.co/zka4vEH2kk pic.twitter.com/8EQ7UtOShW
The Reddit Post said while the GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC) short squeezes were “mostly an American phenomenon, this will be a global one.”
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Why It Matters: Making the case for a “short squeeze,” the post said SafeMoon’s “hyper deflationary nature” will lead to a depleted supply due to token burn.
The poster also took stock of upcoming releases of products such as the hard and soft wallets and future listings of SafeMoon on exchanges.
SAFEMOON traded 0.28% lower at $0.00000393 at press time over 24 hours. The token has declined 2.02% over a seven-day period.
SAFEMOON has risen 3.84% and 3.69% against Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours, respectively.
BTC traded 3.29% lower at $34,426.62 and ETH traded 3.72% lower at $2,119.46 at press time.
Some posts on SatoshiStreetBets took notice of the usage of the term “squeeze.”
“There is no squeeze if there is no short,” wrote user DayFeeling. Personaanongrata added to the string by saying, “Not everything is a squeeze.”
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