An unidentified mysterious SafeMoon investor purchased a whopping 1.4 trillion coins in the biggest pump the cryptocurrency received in July. Despite the big transaction, SafeMoon traded in the red and is down -3.2% in the day's trade.
The large investment comes after SafeMoon experienced big dumps. Just last month, a mysterious holder dumped 1 trillion coins and days later another holder jumped ship with 500 billion coins. However, it is not clear if the same holders are back after booking profits with their investment.
Many investors claim Jeff Bezos might have purchased a stake in SafeMoon as he's now a free man after stepping down as the CEO of Amazon but there's no truth to the claims as nothing is confirmed and the identity of the investor hasn't been made public. Also, rumors are doing the rounds that Bezos might enter the crypto market sooner or later but none of it is confirmed either.
SafeMoon, has been seeing new investors buy large amounts of coins in billions lately and the transactions were shared on the crypto's Reddit group that usually indulges in 'whale watch'. For the uninitiated, the term 'whale' refers to a person who buys coins in large quantities and usually trades in 'pump and dump' schemes and the transaction can affect the days trade.
The cryptocurrency market experienced a bloodbath in May and June as China cracked the whip on cryptocurrency mining, resulting in Bitcoin to nosedive while dragging other coins along with it. In July, the market has been sending mixed signals swinging between positive and negative territory, compelling investors to hold on to their assets for a longer time.
However, several financial experts have predicted the crypto market crash is just the beginning and is expected to witness many such dips in the coming months as the global financial market is volatile and the crypto market would bear the brunt of the economy.
SafeMoon has been receiving competition by newer coins such as Shiba Inu and Baby Doge coin and the crypto needs to stay relevant in the market for many years down the line. SafeMoon, at the time of publishing, was trading at $0.00000292 and is down -3.2% in the days trade.