The price of the project’s native token SatoshiVM (SAVM) has increased more than 100 times, bringing significant profits to early investors.
The creators describe SAVM as “the first EVM-compatible protocol on BTC.” This is a second-layer solution for the Bitcoin blockchain, using rollups with zero-knowledge (ZK) proof.
The price of the project’s native token SatoshiVM (SAVM) has increased more than 100 times, bringing significant profits to early investors. The creators describe SAVM as “the first EVM-compatible protocol on BTC.” This is a second-layer solution for the Bitcoin blockchain, using rollups with zero-knowledge (ZK) proof.
Crypto Community Raises Concerns Over SAVM Distribution
The launch of the SAVM token took place on January 18. According to Bounce Brand, 23,487 people took part, with random winners receiving SAVM and ILO winners receiving ETH.
After the launch, the price of the altcoin rose sharply and reached almost $15. This was facilitated by the support of various crypto-influencers who promoted the project in their communities.
However, renowned researcher ZachXBT warned the community, advising them to be vigilant. “When influencers with large numbers of followers start promoting the launch of a project at the same time, this is most likely due to the fact that they have allocation and will sell their cheap tokens,” he warned.
Subsequently, analysts of the LookOnChain platform confirmed the words of ZachXBT. They found that the SatoshiAVM team allocated 1.2 million tokens (11.5% of the total supply) worth $10.5 million to 248 influencer addresses, who in turn sold more than 50% of the coins. The sale had a major impact on SAVM’s price, bringing it down to around $9.39.
Lucky traders made millions from the launch
Meanwhile, two astute traders made almost $8 million in profit from the launch of SAVM. They reportedly used a Banana Gun bot designed to quickly purchase newly issued tokens.
According to data from LookOnChain, the first trader paid 141.66 ETH to buy the tokens during the launch. He subsequently purchased 2.61 million SAVM worth 277.66 ETH.
After the purchase, the trader sold approximately 2.16 million SAVM for $4.38 million, leaving himself with approximately 450,000 coins worth $3.07 million in four different wallets. Total profit was approximately $6.77 million.
Similarly, the second trader paid 121.07 ETH in order to buy tokens at a low price. He exchanged 211.07 ETH for 456,983 SAVM and later sold 444,483 SAVM for 602 ETH, earning approximately $1.49 million.
