Whale buys $225,000 worth of SafeMoon as analyst turn bullish
- A new Safemoon wallet update was pushed out last week; the development team has upgraded the wallet with new features.
- Safemoon wallet’s beta testers consider it easy to use for beginners; recently, the BNB direct buy feature was added.
- Within 24 hours of its launch, the Safemoon wallet ranked in the top 25 applications on the AppStore.
- The dominance of large wallet investors is less than 15%, which implies Safemoon is accessible to retail traders, unlike DOGE or SHIB.
Safemoon faced severe criticism from traders in the community before the launch of its wallet application. Beta testers have reviewed the wallet and have a bullish outlook on SafeMoon.
Whales are bullish on SafeMoon with the launch of its wallet
The community-driven DeFi token SafeMoon has recovered from the drop in price that followed the unsuccessful triple launch. Traders expected SafeMoon to deliver a wallet alongside iOS and Android compatible applications.
SafeMoon failed to deliver and revealed that it hit a technical snag in launching all three products at once. Since then, SafeMoon has worked on its wallet app and launched it for beta testers.
The wallet’s beta program participants have shared positive reviews, testing features like direct buy for Binance coin. A new update was published by the development team less than a week ago.
John Karony, CEO of SafeMoon, tweeted:
Beta testers of the #SAFEMOONWALLET should have the BNB direct-buy button.
— John Karony (@CptHodl) October 10, 2021
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.
Within 24 hours of the application’s launch, it ranked within the top 25 on the application store.
Further, as of October 13, SafeMoon’s top 50 whale wallet dominance dropped below 15%. Top 10 and top 25 wallet’s dominance has dropped below 20%.
Altcoins that rank in the top 30 by market capitalization have high whale dominance; SafeMoon is distributed evenly across wallet addresses with different balances and implies less control by whales.
A large wallet investor bought $225,000 worth of SafeMoon, and analysts have turned bullish on the altcoin. Despite a nearly 95% drop from its peak, SafeMoon is posting gains and recovering from the “unsuccessful triple launch” event.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
