How this Altcoin went 100X in less than 24 hours

The price of SatoshiVM (SAVM) recently experienced an impressive increase of more than 100x since its token launch, making early investors huge profits.

SAVM is described as “the first EVM-compatible protocol with real traction on BTC.” Zero Knowledge (ZK) scrolls are Bitcoin's Layer 2 solution to address the limitations of the blockchain network's lack of local smart contract functionality.

SAVM Token Launch Highlights

The SAVM token launch was launched on January 18 and ended on January 19. According to Bounce Brand, the graduation was attended by 23,487 individuals, and the winners of the SAVM and ILO winners were awarded ETH by random selection.

Since its launch, the altcoin's price has skyrocketed, reaching nearly $15. This is supported by various cryptocurrency influencers who promote the project in their community.

However, the popular on-chain investigator ZachXBT warned the public about the token allocation of these influencers and advised caution.

“This is likely when influencers with multiple followers start shilling the project launch at the same time. [because] They have an allocation and will dump their cheap tokens,” warned ZackXBT.

Subsequently, blockchain investigator LookOnChain confirmed ZachXBT's warning. The SAVM team revealed that 1.2 million tokens (11.5% of the total supply) worth $10.5 million have been allocated to 248 influential addresses. These addresses sold or transferred more than 50% of their holdings, leaving only 483,493 SAVMs, $4.16 million.

These selling moves have impacted SAVM's price, bringing it back to about $9.39.

Traders accept opportunities

Meanwhile, two shrewd businessmen made a profit of nearly $8 million in the early stages of the project. These traders are said to have used the Banana Gun Bot, a sniper trading bot designed to quickly buy newly launched tokens.

According to LookOnChain, the first trader paid a bribe of 141.66 ETH, approximately $347,350, to get the first purchase of SAVM at launch. As a result, the trader invested 277.66 ETH, equivalent to $681,000, to get 2.61 million SAVM.

Read more: 11 Best Altcoin Wallets to Consider in January 2024

After the purchase, the trader sold about 2.16 million SAVM for $4.38 million, keeping approximately 450,000 SAVM valued at $3.07 million in four separate wallets. This trader's total profit is almost $6.77 million, which represents a huge return on his initial investment of $681,000.

Similarly, the second trader paid a bribe of 121.07 ETH, about $296,863, to buy SAVM tokens for the second time. The trader invested 211.07 ETH, including fees, to get 456,983 SAVM, with 521,000 USD. He later sold 444,483 SAVM for 602 ETH, $1.49 million, but kept approximately 12,500 SAVM, worth $125,000.