SafeMoon cryptocurrency is dominated by unidentified mysterious whales who indulge in buy today-sell tomorrow 'pump and dump' schemes on a regular basis causing the coins chart to slump in the days trade.
Since July 10 to July 14, 2021, close to 1.3 trillion SafeMoon coins have been dumped by the whales and abandoned ship with whatever profits they could make by swallowing the holdings of a regular investor in a jiffy.
Surprisingly, the same day, SafeMoon saw whales buying 2.9 billion coins and entered the trade again.
The identity of the large holders is not revealed to the pubic as the cryptocurrency market is not regulated and experts have warned investors to stay alert as internal trading could be rampant that does not meet the eye of the regular investor.
Just a few weeks ago, a mysterious SafeMoon investor dumped 1 trillion coins and another whale had dumped 500 billion coins a week later.
Also, just a few days ago, a single whale had again purchased 1.4 trillion coins adding to the biggest pump in July for SafeMoon.
The large amount of dumps made the coin to trade in red since the last week of June and the slump caused a chain of domino effect, with regular investors selling their holdings and escaping with whatever profits could be made out of their investment.
SafeMoon has been trading in red since close to a month and was brought down to its knees during the Bitcoin crash in May and June. In July, the coin has been sending mixed signals of both red and green and is yet to stabilize.
The whale's entry and exit worth billions and trillions of coins was shared on SafeMoon's Reddit group who regularly indulge in 'whale watching' and keep an eye on the day-to-day happenings of the coin.
Who is a Whale?
For the uninitiated, a whale is referred to an investor who buys a large stake in a coin and indulges in pump and dump schemes that effects the normal trading chart and causes panic selling among buyers, which eventually dips the price further due to chain reaction.
SafeMoon at the time of publishing was trading at $ 0.0000028 and is down -4.11% in the days trade. Analysts had previously predicted that SafeMoon's slump would continue due to the weak global economic conditions.