SafeMoon shot up +35% today defying all odds and rose above its weight after flash crashing on Saturday. The flash crash occurred after hackers broke into BitMart’s systems and stole $200 million worth of cryptocurrencies. SafeMoon is among the cryptos the hackers made away with and was caught in the crossfire of the scam news.
The crash was so intense that it reached a new all time low and dipped 88% sending shockwaves to investors. The DeFi token has had a fabulous comeback today making investors breathe a sigh of relief. However, questions now arise is that will the token maintain stability or dip again in the coming days.
To answer that- Let’s walk down the scenario on how SafeMoon ended up being here in the first place. The BitMart hack is solely responsible for the price to flash crash as investors panicked and sold their holdings. The others waited on the sidelines and didn’t pour they money on SafeMoon on the weekend despite the dip. The buying opportunity was smeared with fear that another drastic dip is on the cards, which turned out to be untrue.
So why did SafeMoon rise today? Investors saw confidence after BitMart’s CEO Sheldon Xia announced that the exchange platform will compensate users with company’s own funds. The assurance paved way to investments pour in on SafeMoon again with the hopes of ‘everything would be alright’.
Another reason why SafeMoon shot up was the fact that its CEO John Karony was constantly monitoring the situation. Karony went out of his way and coordinated with the senior team of BitMart in regard to the hack. He gave his time and energy to help them ‘rectify the situation’ and was on the job throughout the weekend.
All these developments made SafeMoon to increase in price today.
How High Can SafeMoon Go from Here?
SafeMoon is dusting itself from the drastic fall and is looking to move forward from the BitMart hack tragedy. Since BitMart and SafeMoon are working closely in providing a solution, its benefiting both the platform and the DeFi token. Problem solving is an important skill in the market and only those who provide solutions during tough times will sustain.
It is expected that SafeMoon can spike another 40 to 50% from here due to the positive sentiments. It will soon catch up to the trends once the sentiments are over and will move in tandem with the market.
Since the crypto market is sending mixed signals, SafeMoon is expected to have a healthy balance of dips. However, for those eyeing to get bag loads of tokens during the dip, it is advised to make the most out of it.
At the time of publishing, SafeMoon was trading at $0.00000177 and is up +26.7% in the days trade.