SAVM Price: SatoshiVM Team-Linked Wallet Sells $3 Mln SAVM, Rug Pull Ahead?

Technology

SatoshiVM Whales Accumulate More Tokens Amid 30% Crash – Crypto News

Published

2 years ago

January 25, 2024

Dripp

SatoshiVM (SAVM), Bitcoin Layer 2 project, has grabbed the eyeballs of crypto industry participants owing to its gigantic gains followed by dumps. Lately, the SAVM price plunged over 30%, which was its biggest hit since its inception. However, whales have continued accumulating SAVM as they might be considering the ‘buy the dip’ terminology here.

SatoshiVM Whales Add More SAVM Tokens To Portfolio

According to a post on X by Lookonchain, a blockchain tracking avenue, major whale activity was noted for SatoshiVM. As the SAVM price plummeted by more than 30%, Whale ‘0xe939’ spent $200,000 worth of Tether (USDT) tokens to buy 24,940 SAVM, valued at $8.02 at the time. The trader currently holds a total of 118,187 SAVM tokens while his losses amount to $617,000 due to the recent price crash.

In addition, Whale ‘0x0c00’ used $50,000 USDT tokens to acquire 7,543 SAVM, which were priced at $6.63 at the time. According to Etherscan data, the whale has invested $2.1 million worth of USDT to purchase 193,676 SAVM to date. Whilst, their losses amounted to $716,000, eroding 34% of his SAVM holdings.

Also Read: SatoshiVM Team-Linked Wallet Sells $3 Mln SAVM, A Pump & Dump Case?

Reason For SAVM Price Crash

The SatoshiVM crypto witnessed a significant decline of over 35% amid a dispute involving Ape Terminal, a fundraising platform. The conflict emerged when an adviser to SatoshiVM, MacnBTC, accused Ape Terminal of fraudulent activities during the Initial DEX Offering (IDO). They alleged that all SAVM token allocations were unfairly distributed to Ape Terminal’s team members.

MacnBTC took to X and wrote, “A person I considered a friend and ate dinner with a week ago has lied to my face, betrayed and scammed me, several IDOs and the crypto community. @theapeterminal has scammed all of the IDO launches on their platform.” In addition, they noted that out of the 200,000 wallets that applied for SAVM rewards, all 10 winners were from the Ape Terminal team.

Meanwhile, Ape Terminal refuted the accusations, claiming that MacnBTC was the one profiting from the token sales. The controversy unfolded on social media, exposing conflicting narratives. Moreover, Ape Terminal went on to label SAVM as a “bittersweet” development for them. Additionally, they alleged that MacnBTC leveraged the opportunity to harvest their “own community for millions in profits.”

Consequently, the SAVM price crashed massively. At press time, SAVM traded at $7.92, indicating a plunge of 27.57% on Thursday, January 25. Whilst, it held a market cap of $53.21 million. On the contrary, the trade volume for SAVM soared by 95.45% to $49.79 million in the last 24 hours.

Also Read: Uma Oval goes live to capture Oracle-locked value