• 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:

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price: Whales ready to push BTC higher, accumulate $931 million worth of Bitcoin

Bitcoin Price: Whales ready to push BTC higher, accumulate $931 million worth of Bitcoin

Large wallet investors on the Bitcoin blockchain have shown signs of sustained accumulation throughout the bear market. Analysts have predicted a rally in Bitcoin price in the short term.

More Bitcoin News

Ethereum price sees its dreams of $1,400 shattered

Ethereum price sees its dreams of $1,400 shattered

Ethereum (ETH) price action has been printing some nice gains with 7% on the docket in just two trading days this week. This third trading day indicates a change in sentiment that could see bearish pressures mounting. 

More Ethereum News

Cardano price action sees traders taking out their erasers as ADA price pulls back

Cardano price action sees traders taking out their erasers as ADA price pulls back

Cardano price is currently down over 1% for the day as traders cut their positions and take their gains out of fear price action could collapse anytime soon. 

More Cardano News

XRP price looks for a firm footing to catalyze a 20% rally

XRP price looks for a firm footing to catalyze a 20% rally

XRP price has produced a key signal that reveals the underlying bullish intent. The only requirement now is sustenance from the big crypto or another leg-up.

More Ripple News

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP