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).

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.

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. 

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.

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: jtdee23/123RF // Image Effects by Colorcinch