A new Safemoon wallet update was released last week; The development team has upgraded the wallet with new features. Within 24 hours of its launch, the wallet of the popular altcoin Safemoon was featured in the top 25 apps on the AppStore. Meanwhile, cryptocurrency whales continue to be uploaded to Safemoon.
Whales are on the rise on popular altcoin SafeMoon with the launch of its wallet
The dominance of large wallet investors is less than 15 percent, which means that Safemoon is accessible to individual traders unlike DOGE or SHIB. Safemoon faced severe criticism from traders in the community prior to the launch of the wallet app. Beta testers examined the wallet and showed that they were “bullish” on SafeMoon, that is, they were bullish.
Community-focused DeFi token SafeMoon has reversed its price drop after a failed triple launch event. Investors expected SafeMoon to offer a wallet alongside iOS and Android compatible apps. SafeMoon was unable to do so and announced that it encountered a technical problem while launching all three products at the same time. Since then, SafeMoon has worked on the wallet app and opened it up for testing use.
Participants in the beta program of the wallet have shared positive reviews, testing features such as direct purchase for Binance Coin. A new update was released by the development team less than a week ago. SafeMoon CEO John Karony said, “Beta testers of SafeMoon Wallet should have the option to purchase BNB directly. I want to give a special thank you to the team that made sure this was done.”
Beta testers of the #SAFEMOONWALLET should have the BNB direct-buy button.
I want to give a special thanks to the team for making sure this gets done. #SAFEMOON is the #Evolution!
PS I will be at the Silicon Slopes Summit in Utah.
— John Karony (@CptHodl) October 10, 2021
A whale bought a $225K SAFEMOON
It ranked in the top 25 on the app store within 24 hours of the app’s launch. In addition, as of October 13, the wallet dominance of SafeMoon’s top 50 whales fell below 15 percent. The dominance of the top 10 and top 25 wallets fell below 20 percent. Top 30 altcoins by market cap have high whale dominance; SafeMoon se is evenly distributed among wallet addresses with different balances. This means it is less controlled by whales.
A major wallet investor bought $225,000 worth of SafeMoon and analysts are bullish on the altcoin. Despite a nearly 95 percent drop from its peak, SafeMoon is reaping gains from its “failed triple launch” event and is recovering, according to analysts.
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