An unidentified mysterious SafeMoon investor allegedly dumped 498 billion coins during yesterday's slump as Bitcoin slipped between 1 to 3.5% and the top investor booked whatever profits could be made out of the massive holdings in SafeMoon.
The large dump caused a domino effect of panic selling making SafeMoon plummet further to -3.5% in the day's trade. However, it bounced back +1.7% in today's trade. SafeMoon has been trading mostly in the red since May 2021 with only a few glimpses of the green.
The identity of the investor, commonly known as a 'whale' is not known and reports state that the investor might have not sold the holdings entirely but might have converted SafeMoon to Ethereum and is currently trading on that coin.
SafeMoon has been experiencing large dumps and just a few days ago, another mysterious investor dumped 1 trillion coins during the market crash and abandoned ship. The dump again saw several other investors selling their holdings to avoid further losses to their assets, as regaining the lost momentum would take weeks, months or even years.
The picture of the slump in the graph is also doing the rounds on Reddit and Twitter and investors are dropping names as to who the 'whale' might be. However, none of them are confirmed to be true as the identity is not officially revealed.
The cryptocurrency market has been extremely volatile and unpredictable in 2021, with high swings towards the top in the first quarter of the year and a sudden drop to the bottom during the second quarter, making all profits erase in just a span of two months.
Despite the markets experiencing dips, 'Whales' still end up making larger-than-life profits and swallow most of the investments done by the regular investor at one go. A common investor eventually bears the brunt of the market crash with no option but to keep holding for a longer period to break even.
Several financial experts predict that the crypto market crash is just the beginning and the future is bleak. Experts have advised common investors to trade with caution as the crypto market could be brutal and deadly due to no regulations in place and the big players are manipulating the conditions for their own gains with little regard to playing by the rule book.
SafeMoon, at the time of publishing, was trading at $0.00000347 and is up +1.7% in the day's trade. Predictions show the cryptocurrency might fall further in the coming days too.