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Home Crypto News Market Why Did SAFEMOON Token Fell More Than -18% Today?

Why Did SAFEMOON Token Fell More Than -18% Today?

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SafeMoon, a decentralized finance (DeFi) token, nosedived -18.37% to $0.000002462, after whale moves $60,000,000 worth of SAFEMOON, selling $560,000 in the process.

TX: https://bscscan.com/tx/0x357d6280afeb2dc122674df5a0e01892da1b5c585ad77b796fa819d52ad9d9bd



The SafeMoon whale that possesses $60,000,000 worth of $SFM originally bought the tokens during the presale for a $500 Initial investment. That’s an astonishing 12,099,900% return.  This whale is supposed to be selling its holding that has made the safe moon fall sharply.

London Capital Group Head of Research Jasper Lawler told Bloomberg in July:

“The manual burns, alongside the company having a pretty large stake in the coins, just speaks to me of a manipulation risk, Whenever there’s some sort of mechanism to stop selling, that’s a bit of a warning sign.”

It’s a cryptocurrency built for holding, but with the price sinking and moving against most of the momentum of the wider market, SafeMoon’s holders seem to be selling. Daily trading volume for SafeMoon fell below $10 million for multiple days last week.

24 hours trading volume for the coin stands at $25,465,824.07, up 135.50% from the previous session.

The price change is -18% in the last 24 hours.

safemoon price fall

Image source: Coinmarketcap

 

According to Coinmarketcap data, the current market cap of Safemoon stands at $1,453,443,967 USD, with 585,536,366,402,812 SAFEMOON coins in circulation and a max. supply of 1,000,000,000,000,000 SAFEMOON coins.

SafeMoon Protocol is a decentralized finance (DeFi) token. According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition, and Burn. SafeMoon launched on Mar. 8, 2021, with a SafeMoon price of $0.0000000010 and a supply of 777 trillion SafeMoon tokens.

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Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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