Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
By AZC News | 7 hours ago
The layer-2 solution for Bitcoin, SatoshiVM, has made a tumultuous debut. A heated dispute has erupted between project advisors and the fundraising platform Ape Terminal, leading to a significant drop in the token price (SAVM).
On January 19, SatoshiVM collaborated with Ape Terminal for the token release. By the morning of January 25, MacnBTC, self-claimed advisor to SatoshiVM, publicly criticized Ape Terminal, accusing them of deceiving the project.
MacnBTC stated that out of the 200,000 registered IDO wallets for SatoshiVM on Ape Terminal, only 10 wallets were chosen, all owned by Ape Terminal, despite them pocketing a 25% fee. To substantiate the claims, MacnBTC reposted an article from the bx1 account, alleging that 5 out of the 10 wallets mentioned shared a common pattern and timeline of transactions.
The controversy escalated with new information casting further shadows on SatoshiVM. Bubblemaps revealed that 15% of the SAVM token's supply was held by "Contributors," influential figures likely to "dump" the token immediately upon receipt. The wallet address 0xe77fb transferred over 1.2 million SAVM, equivalent to $12 million, to 250 influencers, with 50% of this amount immediately sold on Uniswap.
Lookonchain also found an address closely associated with SatoshiVM selling $1.2 million worth of tokens in the first 48 hours.
Frustrated with the allegations, some investors who participated in SatoshiVM's private sale confirmed profit-taking but faced intense backlash from the community.
On Ape Terminal's side, the platform vehemently denied MacnBTC's accusations, suggesting that he himself made millions from the deal. Ape Terminal accused MacnBTC of holding a significant amount of unlocked SAVM, attracting liquidity, and gifting tokens to his friends. The platform insisted that after MacnBTC earned over $10 million in a day from SAVM sales, he chose Ape Terminal as a scapegoat.
Related: Bitcoin Whales and Sharks Trigger Active Sell-Off Amid Price Dip
Chart SAVM
At the onset of the dispute, SAVM experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per token. Despite a momentary surge of several thousand percent in SAVM's market capitalization to approximately $90 million, according to DEXTools data, the token's price is currently showing signs of recovery.
4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
By AZC News | 7 hours ago
SatoshiVM (SAVM), Bitcoin's layer-2 solution, faced a wave of FUD after its mainnet launch. Despite an initial surge of several thousand percent in SAVM's market capitalization within just a few hours of release, the token experienced a subsequent rapid decline in value.Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
The layer-2 solution for Bitcoin, SatoshiVM, has made a tumultuous debut. A heated dispute has erupted between project advisors and the fundraising platform Ape Terminal, leading to a significant drop in the token price (SAVM).
On January 19, SatoshiVM collaborated with Ape Terminal for the token release. By the morning of January 25, MacnBTC, self-claimed advisor to SatoshiVM, publicly criticized Ape Terminal, accusing them of deceiving the project.
MacnBTC stated that out of the 200,000 registered IDO wallets for SatoshiVM on Ape Terminal, only 10 wallets were chosen, all owned by Ape Terminal, despite them pocketing a 25% fee. To substantiate the claims, MacnBTC reposted an article from the bx1 account, alleging that 5 out of the 10 wallets mentioned shared a common pattern and timeline of transactions.
The controversy escalated with new information casting further shadows on SatoshiVM. Bubblemaps revealed that 15% of the SAVM token's supply was held by "Contributors," influential figures likely to "dump" the token immediately upon receipt. The wallet address 0xe77fb transferred over 1.2 million SAVM, equivalent to $12 million, to 250 influencers, with 50% of this amount immediately sold on Uniswap.
Lookonchain also found an address closely associated with SatoshiVM selling $1.2 million worth of tokens in the first 48 hours.
Frustrated with the allegations, some investors who participated in SatoshiVM's private sale confirmed profit-taking but faced intense backlash from the community.
On Ape Terminal's side, the platform vehemently denied MacnBTC's accusations, suggesting that he himself made millions from the deal. Ape Terminal accused MacnBTC of holding a significant amount of unlocked SAVM, attracting liquidity, and gifting tokens to his friends. The platform insisted that after MacnBTC earned over $10 million in a day from SAVM sales, he chose Ape Terminal as a scapegoat.
In response, MacnBTC stated that all transactions were transparent and vowed to clarify the situation soon. MacnBTC is also threatened with a defamation lawsuit for his posts. The "war of words" shows no signs of cooling down, and AZC.News will continue to provide updates to readers.
Related: Bitcoin Whales and Sharks Trigger Active Sell-Off Amid Price Dip
Chart SAVM
At the onset of the dispute, SAVM experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per token. Despite a momentary surge of several thousand percent in SAVM's market capitalization to approximately $90 million, according to DEXTools data, the token's price is currently showing signs of recovery.
4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
By AZC News | 7 hours ago
SatoshiVM (SAVM), Bitcoin's layer-2 solution, faced a wave of FUD after its mainnet launch. Despite an initial surge of several thousand percent in SAVM's market capitalization within just a few hours of release, the token experienced a subsequent rapid decline in value.Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD
The layer-2 solution for Bitcoin, SatoshiVM, has made a tumultuous debut. A heated dispute has erupted between project advisors and the fundraising platform Ape Terminal, leading to a significant drop in the token price (SAVM).
On January 19, SatoshiVM collaborated with Ape Terminal for the token release. By the morning of January 25, MacnBTC, self-claimed advisor to SatoshiVM, publicly criticized Ape Terminal, accusing them of deceiving the project.
MacnBTC stated that out of the 200,000 registered IDO wallets for SatoshiVM on Ape Terminal, only 10 wallets were chosen, all owned by Ape Terminal, despite them pocketing a 25% fee. To substantiate the claims, MacnBTC reposted an article from the bx1 account, alleging that 5 out of the 10 wallets mentioned shared a common pattern and timeline of transactions.
The controversy escalated with new information casting further shadows on SatoshiVM. Bubblemaps revealed that 15% of the SAVM token's supply was held by "Contributors," influential figures likely to "dump" the token immediately upon receipt. The wallet address 0xe77fb transferred over 1.2 million SAVM, equivalent to $12 million, to 250 influencers, with 50% of this amount immediately sold on Uniswap.
Lookonchain also found an address closely associated with SatoshiVM selling $1.2 million worth of tokens in the first 48 hours.
Frustrated with the allegations, some investors who participated in SatoshiVM's private sale confirmed profit-taking but faced intense backlash from the community.
On Ape Terminal's side, the platform vehemently denied MacnBTC's accusations, suggesting that he himself made millions from the deal. Ape Terminal accused MacnBTC of holding a significant amount of unlocked SAVM, attracting liquidity, and gifting tokens to his friends. The platform insisted that after MacnBTC earned over $10 million in a day from SAVM sales, he chose Ape Terminal as a scapegoat.
In response, MacnBTC stated that all transactions were transparent and vowed to clarify the situation soon. MacnBTC is also threatened with a defamation lawsuit for his posts. The "war of words" shows no signs of cooling down, and AZC.News will continue to provide updates to readers.
Related: Bitcoin Whales and Sharks Trigger Active Sell-Off Amid Price Dip
Chart SAVM
At the onset of the dispute, SAVM experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per token. Despite a momentary surge of several thousand percent in SAVM's market capitalization to approximately $90 million, according to DEXTools data, the token's price is currently showing signs of recovery.
4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.own research when making a decision.own research when making a decision.
