An unidentified and mysterious Safemoon whale purchased 390 billion coins worth a staggering $1.9 million. To be precise, the whale has taken an entry position on Safemoon by purchasing a total of 390,275,879,943 tokens.
Safemoon’s price shot up +7% post the whale’s purchase, giving hopes that the coin is headed in the right direction. Its market cap is hovering close to $3 billion. The coin is up +242.5% since the last 30-days monthly trade.
Whales Have Started Taking Entry Position in Safemoon
Safemoon was launched in March 2021 and was previously dominated by whales who had large bags of tokens. However, majority of them jumped ship by selling their holdings overtime causing the price to dip.
On September 30, a whale sold 2 trillion coins and sent its price everywhere except to the moon. Its price plunged -10% in the days trade and caused a panic-selling flamingo effect among investors.
Whale dominance in Safemoon took a pause since August 2021 and now they’re back buying large amounts of tokens. Taking an early entry position before a major announcement will benefit the whales tremendously.
Safemoon was down -92% from its all time high (ATH) of $0.00001094 on May 11, 2021. The coin began dusting itself up only since October and showcased a good run in the last 30-trading days.
Is It A Good Time To Buy?
Its controversies seem to have come to an end, which includes the failure to deliver the Wallet on time. Weeks later, the team released the Wallet for Android and iPhones and stood by their promise.
Also, its CEO John Karony is an inspirational figure in the crypto market. His ideas to develop Safemoon has brought in millions of first-time investors into its fold. Karony has also been nominated for the ‘Crypto Influencer of the Year‘ Award 2021 by AIBC Europe.
The coin’s negative press has come to a halt as they’re delivering on their promises. Recently, Safemoon is receiving positive press and on social media the theme and mood is merrier.
In addition, considering that whales have again started taking entry position, Safemoon could be a safe-bet in the coming months. If the coin manages to get itself listed on top trading platforms, its price to propel to new highs. However, such a listing is currently not on the cards.
Safemoon at the time of publishing was trading at $0.00000510 and is up +6.1% in the 24-hours day trade. The coin displays bullish sentiments and its price is expected to rise another +33% to +50% in the coming days.