SafeMoon’s price has witnessed its share of ups and downs since the beginning of this year. After peaking around $0.0032 in the first week of January, the coin tumbled to a level as low as $0.0022 right in the next week.
Over the last couple of days, however, the coin has started showing signs of recovery. At press time, SFM had already picked itself up from its local lows and was seen exchanging hands around $0.0024
Whales doing the heavy-lifting?
Whales stepping into their buying-spree mode has, more often than not, helped SFM’s price pump. For quite some time, the top 1000 Binance Smart Chain whale wallets were not hoarding Safemoon. Nonetheless, whale data aggregator platform WhaleStats recently brought to light SFM’s great grand re-entry into the aforementioned list.
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Leaving aside Binance’s native stablecoin BUSD, Safemoon’s purchase numbers were the most impressive, especially when compared to the likes of Ethereum, PancakeSwap, and Chainlink.
In the 24-hour timeframe, over 5.642 billion SFM tokens worth $10.21k had been purchased. Post the said buying spree, the top 1000 BSC wallets cumulatively HODL 25.694 trillion tokens now. The same accounts for 1.6% of their portfolios.
When the updated stats were analyzed at the time of writing, SafeMoon V2 had overtaken Safemoon to become the top purchased token over the past day. With the average purchase amount reflecting a number around $14.55k, whales had purchased more than 6 million tokens in the said timeframe.
Other X-factors
Owing to its V1-V2 migration, SFM has made it to the headlines on almost a daily basis. Major players from the community like Giottus [an Indian crypto exchange] have already completed the aforementioned migration.
The transition hype was, notably, at its peak towards the end of last year. With time, however, it has cooled down. In effect, the underlying token’s volatility also started getting a grip- assuring less dramatic price movements going forward.
Additionally, as highlighted in a recent article, SFM is likely to start treading on a bullish path after breaking out from the descending wedge it has been engulfed within.
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Now, as far as the long-term prospects are concerned, the project’s Operation Phoenix is set to boost SFM’s popularity. People from the community strongly believe that if the operation was a success, the token value could appreciate.
Thus, looking at the pace of developments taking place of late, long-term investors, along with short-term ones, can consider stepping into the SFM market after doing their own research.