Rebound From A Rug-Pull: How The DragonMusk Community Restored Their Dev-Defrauded DeFi Token To Become The “Guardians Of DeFi”

DragonMusk is a charity token created in May of 2021 by an unknown developer who suddenly left the project; leaving community members high and dry in what turned out to be a classic pump and dump. Nevertheless, the coin holders still saw the project as salvageable and meaningful, as the smart contract was renounced, leaving the liquidity pool locked.

By Marcus Henry
July 19th 2021

It is largely through the multi-generational sharing of learned knowledge that human civilization has been able to advance to where it is today. This process of sharing information has turned on the mental switch that has inspired countless individuals to see things in an entirely different light; unlocking entirely new paths for society to go down, and changing the way we live forever. Needless to say, the act of sharing knowledge over the millennia has led to the ubiquitous spread of ideas as simple as starting a fire, to as complex as building a space-faring rocket. For any new human discovery and innovation, dozens of cautionary tales were shared along the way at the expense of others. Knowing and avoiding that which can jeopardize our lives or livelihoods is a key component to what has driven the evolution of human civilization; striving for a better life and avoiding unnecessary risks. It is only through sharing these valuable life lessons that we are able to strengthen the overall social order and create a better collective as we continue to push deeper into unknown territories.

As humans, we are constantly innovating, iterating and pushing the boundaries of what we previously imagined possible. It is only by stepping on the shoulders of giants that imagination, inspiration, passion and curiosity ultimately unlocked the knowledge required by the Wright Brothers to achieve the right recipe for sustained human flight for the first time after millions of years of thinking it was impossible. The lesson here is clearly that impossible just means the solution has not yet been discovered. It is always the open-minded and optimistic who live on the fringe of society that face impossible challenges with new approaches like the Wright Brothers did. Over 115 years later, new challengers to the impossible continue to advance society forward. One of these challengers in the digital currency frontier is showing everyone that they aren’t just achieving the impossible, they are thriving in the face of adversity and helping others like them to do the same.

DragonMusk Logo (above)

DragonMusk ($DMUSK) is a deflationary cryptocurrency project on the Binance Smart Chain with a mission of becoming the “Guardians Of DeFi.” To understand what this means and why this matters, it is important to understand some history around this coin. DragonMusk is a charity token created in May of 2021 by an unknown developer who suddenly left the project; leaving community members high and dry in what turned out to be a classic pump and dump. Nevertheless, the coin holders still saw the project as salvageable and meaningful, as the smart contract was renounced, leaving the liquidity pool locked. What this unknown developer of DragonMusk didn’t realize was that they built something that was far greater than the coin; a movement that was driven by a group of charity-focused humanitarians who came together with the belief that cryptocurrency is a tool that can help struggling communities.

DragonMusk’s then-small Telegram community of 160 people and 360 holders was understandably shaken by the sudden disappearance of the original development team. This dedidated group of humanitarian-minded individuals understandably felt betrayed by yet another unethical dev on a crypto project that appeared to be well managed, but in hindsight, was everything but. After their TechRate security audit was completed, DragonMusk’s code was found to be safe; a win for the future of the coin. It was then that the DragonMusk community was reinspired to unite to spark a new vision for the fledgling cryptocurrency; giving it new life again.

The team who stepped in to lead DragonMusk, like their community members, came seeking a project with true purpose, transparency and overall integrity. They understood they needed to earn their community’s full trust, and worked with haste to breathe new flames into the troubled project. They worked at defining a true model for success, and appointing the right staff to lead the project to realize their vision. DragonMusk’s mission shifted from its initial inception as a group of passionate crypto “gem” hunters. Through the newly appointed team’s shared experiences in the DeFi space, they began searching for tokens with aims to do good, and communities who shared those goals.

The fully doxxed DragonMusk team (above) can be found on Telegram, LinkedIn and other social media. Raff Sleem (center) is the CEO.

In the months following the community takeover of DragonMusk, there were big changes and a lot of momentum towards notable wins. Their entire dev team has since doxxed themselves on their newly rebranded website, and made themselves available on their Telegram channel where they hold frequent AMAs. Their corporate structure has been established, and a business plan is being completed. DragonMusk was listed onCoinMarketCap and CoinGecko. They currently have almost 15000 holders and are growing. Their market cap, just around $100k at launch, is now worth over $1.5M and continues to see growth as new investor interest grows.

On the roadmap ahead for 2021, DragonMusk is targeting some ambitious goals. They are currently working closely with leading blockchain developers to continue building out their dApp. Working with new blockchain devs will be advantageous as DragonMusk launches their exchange in the months ahead. This exchange, yet to be named, will serve as a means for other tokens to integrate directly with pancake swap. It will have its own native token associated with it, and leverage $DMUSK within the model too. The ultimate goal of the exchange is to help new DeFi projects avoid pitfalls when getting listed, create greater synergy and utility within the DeFi space while providing aid to struggling projects and their die-hard communities.

Growth is a major focus within the DragonMusk near-term roadmap. They seek to expand their international community and reach 30,000 investors by the end of Q3. They will be doing this through investing heavily in their global advertising, marketing and social media strategies. Their successful listing on Cointiger Exchange later in this quarter will further the overall growth initiative.

A few other major things to look out for later in the year ahead are DragonMusk’s development of their “Give Back” protocol, which will build meaningful charitable donations into their project. A Certik audit will be conducted on top of the previous TechRate audit to further validate the project’s overall security mechanisms. The project also seeks to get involved within the growing NFT space, and will seek strategic partnerships there, and in other spaces. Finally, before the year is out, DragonMusk wants to assist the first struggling DeFi project, a major focus for the startup.

DragonMusk ($DMUSK) coin logo (above)

DragonMusk ($DMUSK) has a total coin supply of 100 Quadrillion. An initial burn, sent to a dead wallet address by the original developers, effectively destroyed 60% of the total supply. The increased burn address percentage after that has been entirely from organic volume and continues to burn the coin. The coin is community driven, with leadership appointed by the community. 5% of every buy and sell order goes towards the liquidity pool. The coin also has an automatic reward system for holders where 5% of the 10% tax fee on every buy and sell order is rewarded back to holders.

Like a phoenix that has risen from the ashes of certain doom, DragonMusk, through the power of its devoted community of investors, has done what only very few have done before them. By overcoming the impossible; triumphing after a pump and dump by their anonymous founder, they are demonstrating to everyone that the power of a devoted community who believes in a crypto’s ability to do good for the world is truly priceless. Through their shared experience and desire to help others, DragonMusk’s community believes they found their true purpose, to be The Guardians Of DeFi. You can check out their site and whitepaper to learn more about DragonMusk. They can be found on Telegram, Twitter, Reddit and Facebook. You can purchase DragonMusk ($DMUSK) on PancakeSwap.

Disclaimer: The information above does not constitute investment, financial, trading or any other sort of advice and you should not treat any of my content as such. I do not recommend the purchase, sale, or holding of any cryptocurrency or other product and nothing I write about should be deemed as an offer to purchase, sell, or hold a cryptocurrency or other product or service. Please do your own research and consult a certified financial professional before making any investment decision.

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Published by Marcus Henry

Marcus Henry is an American Journalist with over 12 years working in the tech industry. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL