SatoshiVM’s SAVM cryptocurrency, which made its much-anticipated debut on January 19, quickly found itself at the center of controversy.
Following its launch, the protocol experienced a surge in value, boasting a market capitalization of approximately $90 million, as reported by DEXTool’s data.
However, the excitement surrounding the SAVM token was short-lived, as it witnessed a drastic 30% drop in price yesterday. This decline came amid escalating tensions between Ape Terminal and Macn BTC, resulting in increased Smart Trader outflows totaling 382,000 units.
Today, the value of SatoshiVM plummeted even further, experiencing a staggering 50% decline from its peak of $9.26 to a low of $3.21. This sharp downturn has raised concerns among investors and analysts alike regarding the stability and future prospects of the SAVM cryptocurrency.
— Lookonchain (@lookonchain) January 25, 2024
More Whales Dumping SAVM Resurfaces
Adding to the turmoil, reports of whale dumping on the token have surfaced, as revealed by Lookonchain data. In a particularly alarming incident, a trader who invested 2.1 million $USDT to acquire 193,676 $SAVM fell victim to a phishing attack mere hours ago.
As a result of the attack, all of the trader’s SAVM holdings were transferred to two addresses, with 19,367 $SAVM subsequently sold for 57 $ETH, amounting to approximately $125,000. This incident underscores the vulnerability of cryptocurrency investors to security breaches and highlights the need for enhanced measures to safeguard digital assets.
In light of these developments, the future trajectory of SatoshiVM’s SAVM cryptocurrency remains uncertain, with market participants closely monitoring for further developments and potential resolutions to the ongoing controversies surrounding the protocol.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.