A mysterious and unidentified whale purchased $225,000 worth of SafeMoon and sent the price up to double digits in the last 24-hours day trade. SafeMoon spiraled upwards close to +15% after the purchase and found supportive resistance levels at $0.000001910. â
SafeMoon, which was dominated by whales previously during May to July 2021, saw the numbers dip drastically as many jumped ship after booking profits and recently a whale had dumped 2 trillion coins sending its price down close to -10% in a single day.
As of Thursday, SafeMoon's top 50 whale wallet dominance has dropped below 15% and the top 10 and top 25 wallet's dominance has fallen below 20%.
The drastic decline in whales dominating SafeMoon is a good sign for its price stability and shows that retail investors can get a hold of the coin without fear of being 'dumped' by the whales as compared to its rivals Dogecoin and Shiba Inu.
Majority of holders in SafeMoon now remain in the hands of regular retail investors but is down close to 94% from its all time high (ATH) of $0.00001094 on May 11, 2021.
SafeMoon's decline can be attributed to its wallet launch debacle where its CEO John Karony tweeted 30 minutes before launch that the wallet release is delayed due to ''technical issues'' despite marketing it for weeks both online and offline on billboards.
However, after facing severe criticism from the investor community, SafeMoon's top management had a drastic change with firings and new hirings and finally launched the SafeMoon Wallet on Android and weeks later on October 7, 2021, release it on the iOS.
SafeMoon Wallet has now become a hit among investors as the application ranks inside the top 25 apps on the App Store and is available for downloads in 20+ countries. Also, within the first few hours of the release, more than 77,000 downloads were made and the numbers are only increasing each hour.
CEO John Karony took to Twitter and thanked his team for delivering on the promises and stated that SafeMoon is the evolution. ''Beta testers of the #SAFEMOONWALLET should have the BNB direct-buy button. I want to give a special thanks to the team for making sure this gets done. #SAFEMOON is the #Evolution! P.S. I will be at the Silicon Slopes Summit in Utah.''
SafeMoon, at the time of publishing, was trading at $0.000001916 and is up +15.41% in the day's trade.