YEREVAN (CoinChapter.com) — The price of SatoshiVM (SAVM) has jumped 25% in the last 24 hours. These gains have pushed the cryptocurrency’s week-to-date returns upward to 90%. Nonetheless, SatoshiVM’s incredible price rally has plotholes, led by controversies and concerns.
What Troubles SAVM Investors
One of the major concerns surrounds the activities of certain top holders or “snipers” who reportedly made substantial profits during the SAVM token launch. An AI security tool rug.ai analysis indicated that snipers, the SAVM Team, and influencers earned significant profits, with the top sniper netting approximately $5.2 million.
This raised questions about market fairness and the distribution of token ownership, as the top holders owned around 31% of the supply.
Furthermore, a wallet linked to the SatoshiVM team reportedly sold over $3 million worth of SAVM tokens amid the price rally.
The sale has raised suspicions of a potential pump-and-dump strategy. In this scenario, developers create hype around a cryptocurrency, leading to increased prices and investment, followed by a sell-off by the developers for profit. A similar strategy is often used in rug pull scams, adding to the alarm surrounding the recent developments with SAVM.
These incidents have led to discussions and warnings among analysts and observers in the cryptocurrency community about the legitimacy and future of SAVM, with some labeling the venture as a possible scam and questioning the motives behind the sudden price movements and team-associated wallet activities.
Meanwhile, the token’s overall trading volume rose only 8%, parallel to the 25% price increase, which could indicate high activity by a small percentage of SAVM holders or, in other words, possible market manipulation.
SatoshiVM (SAVM) Launched Through DEX Offering
SatoshiVM (SAVM) launched through an Initial DEX Offering (IDO) from Jan. 16 to Jan. 19. Ape Terminal Launchpad and Bounce Launchpad conducted the event. The total token supply during this IDO was set at 420,000 SAVM, and it operates on the Ethereum blockchain as an ERC-20 utility token.
According to CoinMarketCap, 72% of the SAVM trading occurred on Uniswap (a decrease from the initial 99%) against wrapped Ethereum (WETH). The SatoshiVM pair with Tether (USDT) took place on MEXC with only 10% of the trading, and LeBank followed with 7.4%.
