Safe, previously known as Gnosis Safe, has emerged as a decentralized asset custody protocol, boasting a robust multi-signature wallet ecosystem across 14 networks and encompassing over 190 projects.
The protocol garnered significant attention in July 2022 when it secured a substantial $100 million financing round led by 1kx, signaling strong investor confidence in its vision and potential.
Recently, Safe has introduced its native token, $SAFE, and market makers for this token have entered the fray. Notably, Flow Traders and GSR Markets have been identified as the market makers for $SAFE.
In a move indicative of market activity, both market makers received tokens from Safe’s multi-signature address and subsequently deposited 2.5 million tokens to exchanges within the past few hours. Flow Traders accounted for 6.2 million coins, while GSR Markets contributed 3.5 million coins to the exchange.
https://twitter.com/ai_9684xtpa/status/1782662582396198949?t=FbYORKA-EwO2wZdIrvMp8g&s=19
Further Whales And Traders Activity Within The Safe Ecosystem
Amidst these developments, Lookonchain data sheds light on a trader’s activity within the $SAFE ecosystem. This trader received 740,383 $SAFE tokens from various sources, including user and ecosystem airdrops.
This guy received 740,383 $SAFE($2.44M) from user and ecosystem #airdrops.
After $SAFE went online, he sold 550,383 $SAFE($1.81M) at $3.3, with 190,000 $SAFE($420K) left.https://t.co/7nifiSJusm pic.twitter.com/mVMlXADpRO
— Lookonchain (@lookonchain) April 23, 2024
Following the token’s launch, the trader opted to sell 550,383 $SAFE tokens at a price of $3.3, amounting to $1.81 million in transactions. Presently, the trader holds 190,000 $SAFE tokens, valued at $420,000.
Despite its promising debut, $SAFE has experienced a 35% decline in value and is currently trading at $1.9. This fluctuation underscores the volatility inherent in the cryptocurrency market and highlights the importance of monitoring market dynamics and investor sentiment.
As Safe continues to navigate the evolving landscape of decentralized finance (DeFi) and asset custody solutions, the involvement of established market makers and ongoing market activity surrounding the $SAFE token will likely shape its trajectory in the foreseeable future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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