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Whales are accumulating $SAFE tokens despite the recent price drop
Cryptocurrency $SURE has suffered a significant drop in its price, with a drop of more than 12% in the last 24 hours and 40% in the last 7 days.
From its all-time high of $4,014, the token has seen a notable decline, 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 drop.
One notable transaction occurred when Wallet 0x011, likely associated with @ambergroup_io, withdrew 3 million $SAFE tokens worth $6.72 million from Gate.io at a price of $2.25. This move indicates strategic positioning by major players in the $SAFE market, even in the context of recent price volatility.
Wallet 0x011 (probable @ambergroup_io) withdrew 3M $SURE ($6.72 million) from #Gate.io at $2.25 for the first time 6 hours ago.
In particular, the $SURE the price has dropped about 36% since it became transferable on April 23, 2024. Was this a good rumor? 🤔
Follow @spotonchain and set alerts for Amber… pic.twitter.com/aisUe1J9aw
— Spot On Chain (@spotonchain) April 27, 2024
Notable 40% price drop for $SAFE
It is worth noting that the decline in the price of $SAFE began shortly after it became transferable on April 23, 2024. Since then, the token has seen a sharp decline of around 40%, reflecting the challenges faced by the project in maintaining its initial traction in the market.
While the recent price movement may have discouraged some investors, the whales’ accumulation of $SAFE tokens suggests confidence in the project’s long-term potential. Whales, often considered influential participants in the cryptocurrency market, tend to strategically accumulate assets during market downturns, potentially signaling their confidence in a future price recovery.
As investors navigate cryptocurrency market fluctuations, tracking whale activity and market trends can provide valuable insights into potential price movements and overall market sentiment.
While short-term price volatility can 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 purchasing any cryptocurrency or investing in any service.
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