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SafeMoon crashes 70% in a month yet adds 25k new holders in two weeks

SafeMoon crashes 70% in a month yet adds over 25k holders in two weeks
Jordan
Major
7 months ago
3 mins read

SafeMoon (SAFEMOON) cryptocurrency has seen its value drop 69% in the last month; however, at the same time, the number of holders has continued to grow. 

According to data acquired by Finbold, the number of holders of the SpaceMoon token has increased by 25,568. In particular, the number of holders has grown since the start of the month, from 2,905,468 holders on November 22 to 2,931,036 on December 6, as per bscscan.com.

SafeMoon holders. Source: bscscan.com

SafeMoon Price

Currently, Safemoon is trading at $0.000001363 down 10.87% in the last 24 hours and 58.08% over the previous seven days. Furthermore, the total market cap of SafeMoon currently stands at $798,322 million.

SafeMoon 1 month price chart. Source: CoinMarketCap.com

Oddly, despite having a market size of less than $1 million and ranking 225 among the top cryptocurrencies in terms of market cap, SafeMoon has amassed a sizable online following. 

Indeed, as of December 5, SafeMoon is ranked eighth among the top ten cryptocurrencies mentioned on Twitter this week. The token received over 151,757 mentions and is now ranked in the top ten with Bitcoin (BTC), Shiba Inu (SHIB), and Ethereum (ETH).

SafeMoon top 10 mentioned. Source: CryptoRank

Furthermore, SafeMoon is one of the most followed cryptocurrencies on Twitter, with 1.2 million followers, which is more than the fifth biggest cryptocurrency by market capitalization, Solana, which has 1 million followers (SOL). 

BitMart hack

In the wake of the recent security breach at the BitMart exchange, various tokens, including SafeMoon, have been impacted. It should be emphasized, however, that SafeMoon does not have any control over third-party exchanges. 

SafeMoon CEO John Karony came to Twitter to provide holders with an update on the exchange; he tweeted:

“#SAFEMOONARMY, BitMart was hacked.  We are working with them to rectify the situation.  

SafeMoon Products are safe (SWaP and Wallet). Please standby while we get more information. PS, I am currently in Discord. Thank you.”

What is SafeMoon?

SafeMoon has risen in popularity since its inception in March, mostly because of the support of celebrities such as YouTuber Jake Paul and artist Lil Yachty, who had posted positive messages about the token on their social media profiles.

Despite this, the token has failed to regain the levels reached at its all-time highs in April, prompting some analysts to label the asset a “pump-and-dump coin.”

Meanwhile, in June, a smart contract audit conducted by blockchain security startup HashEx identified 12 security vulnerabilities in SafeMoon.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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