The cryptocurrency $SAFE has experienced a significant decline in its price, with a decrease of over 12% in the past 24 hours and 40% over the past 7 days.
From its all-time high of $4.014, the token has seen a notable downturn, currently trading at $2.2. This decline coincided with a 45% decrease in trading volume over the same 24-hour period.
Despite the price drop, data from Lookonchain suggests that whales have been actively accumulating $SAFE tokens during this dip.Â
One notable transaction occurred when Wallet 0x011, likely associated with @ambergroup_io, withdrew 3 million $SAFE tokens valued at $6.72 million from Gate.io at a price of $2.25. This move indicates a strategic positioning by significant players in the $SAFE market, even amidst the recent price volatility.
Wallet 0x011 (likely @ambergroup_io) withdrew 3M $SAFE ($6.72M) from #Gate.io at $2.25 for the first time 6 hours ago.
Notably, the $SAFE price has dropped ~36% since it became transferrable on Apr 23, 2024. Was this a good entry? 🤔
Follow @spotonchain and set alerts for Amber… pic.twitter.com/aisUe1J9aw
— Spot On Chain (@spotonchain) April 27, 2024
Notable 40% Price Decline For $SAFE
It’s worth noting that the decline in $SAFE’s price began shortly after it became transferrable on April 23, 2024. Since then, the token has experienced a sharp decrease of approximately 40%, reflecting the challenges faced by the project in maintaining its initial market traction.
While the recent price movement may have deterred some investors, the accumulation of $SAFE tokens by whales suggests confidence in the long-term potential of the project. Whales, often regarded as influential participants in the cryptocurrency market, tend to strategically accumulate assets during periods of market downturn, potentially signaling their belief in a future price recovery.
As investors navigate the fluctuations of the crypto market, monitoring whale activity and market trends can provide valuable insights into potential price movements and overall market sentiment.
While short-term price volatility may cause fluctuations, the actions of whales like Wallet 0x011 indicate underlying confidence in the future prospects of $SAFE tokens.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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