The cryptocurrency market is abuzz with discussions surrounding SatoshiVM (SAVM), a newcomer that has quickly made waves since entering the scene on January 19, 2024.
Within a short span, SAVM has witnessed an impressive 20% increase in its value, capturing the interest of traders and enthusiasts.
However, recent developments have introduced a degree of uncertainty as reports surfaced about a wallet associated with the SatoshiVM team engaging in selling activities. This triggered a 4% decline in the price of SAVM.
Wallet “0xfdac” reportedly received 420,000 SAVM (equivalent to $4.7 million) from the SatoshiVM team wallet, subsequently transferring 189,700 SAVM ($2.12 million) to 24 new wallets. Notably, 124,739 SAVM was sold for 504 ETH ($1.24 million).
A wallet related to the @SatoshiVM team is selling $SAVM!
Wallet"0xfdac" received 420K $SAVM($4.7M) from the @SatoshiVM team wallet.
Then transferred 189,700 $SAVM($2.12M) to 24 new wallets and has sold 124,739 $SAVM for 504 $ETH($1.24M) currently.https://t.co/byXve425jY pic.twitter.com/UgxgXGXvrl
— Lookonchain (@lookonchain) January 22, 2024
Additional SAVM Whale Transfer And Price Action To Watch
Additional reports revealed that wallet “0xfdacf3cd45” moved 84.7K SAVM (~$1.2 million) to 19 new addresses, with the tokens being swapped to ETH from those addresses. The funding pattern suggests a likely association with the same individual.
🧐 One of the reported wallets has kept selling $SAVM in the past 3 hours.
Wallet 0xfdacf3cd45 moved 84.7K $SAVM (~$1.2M) to 19 new addresses and the tokens are swapping to $ETH from those addresses.
Most of the 19 new addresses are funded with 0.1ETH from 0x53f07e2, so it… https://t.co/ReFQ2h8UGk pic.twitter.com/YAAn6rcppV
— Spot On Chain (@spotonchain) January 21, 2024
Despite a whale’s recent investment of $1.25 million USDT to purchase 93,247 SAVM at $13.41, the cryptocurrency experienced a subsequent 4% decline in its price. Spotonchain’s findings also indicated that SatoshiVM had shifted their liquidity pool to a multisignature wallet.
A whale spent 1.25M $USDT to buy 93,247 $SAVM at $13.41 10 hours ago.https://t.co/JOpYpQTdX7 pic.twitter.com/pLd2za1xwC
— Lookonchain (@lookonchain) January 22, 2024
However, it’s crucial to note that a multisignature wallet doesn’t guarantee the locking of liquidity, prompting on-chain firms to seek clarification from SatoshiVM regarding the token flow in suspicious wallets.
🚨@SatoshiVM has just moved their LP to a multisign wallet https://t.co/VZ6jC4EWiW
Multisign wallet does not ensure the LP is locked and We are contacting them to clarify the token flow in suspicious wallets
For more updates, follow@spotonchain
now, and make sure to turn on… https://t.co/ReFQ2h8UGk— Spot On Chain (@spotonchain) January 21, 2024
Finally, as the cryptocurrency community closely monitors these developments, the SAVM situation underscores the need for vigilance and due diligence, emphasizing the dynamic nature of the market and the potential impact of team-related activities on token prices.
Traders are advised to exercise caution and stay informed about the evolving circumstances surrounding SatoshiVM.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: jtdee23/123RF // Image Effects by Colorcinch
