An unidentified and mysterious SafeMoon investor dumped a staggering 2.4 trillion coins in the largest sell-off for July 2021. The value of the coin slumped to 28% in the day's trade, causing a domino effect of panic selling.
Day-to-day investors fearing further losses to their investment jumped ship by selling their holdings and held on to whatever profits they could make out of their finances.
SafeMoon has been experiencing large amounts of 'pump and dump' by whales and their rug pull has shown to be badly affecting its price in the indices.
The identify of the whale is not revealed as the cryptocurrency market is free from government regulations and investors end up with the guessing game as to who the person might have been.
'Whale Watchers' Spot Sell-Off
Several investors dropped their comments citing the big players name, which includes billionaire entrepreneurs, but none of it can be taken to face value until their identity is publicly revealed, which at this time isn't possible due to deregulations of the market.
The large sell-off was first spotted by 'whale watchers' on the SafeMoon's Reddit page who keep an eye on the day-to-day happenings of the coin.
SafeMoon has been nosediving since the Bitcoin crash in May 2021 and has slumped to new lows upsetting investors who picked up the coin during that period.
The coin has fallen close to 80% from its all time high in April 2021 and is finding it hard to sustain in its current levels. Financial experts have predicted that the market could face further corrections due to the bad state of the global financial affair caused by Covid-19.
Third Party Apps
Also, the CEO of SafeMoon John Karony, who is currently in quarantine after contracting Covid-19, tweeted that SafeMoon Wallet would soon be launched making investors buy the coins directly than depend on third-party apps such as Pancake Swap and Uniswap, that charge fees and deductions as close to 10% or even more.
The update of SafeMoon Wallet has given investors hope that the coin is headed for better days and the price would gradually increase after its launch as investors would get the freedom to purchase coins directly than go through tedious methods of exchanges.
SafeMoon at the time of publishing was trading at $0.000002398 and is down -12.58% in the days trade and recovered a bit after slumping to -28%.