SatoshiVM Team Sells Millions of SAVM
A wallet linked to the SatoshiVM team has recently sold over $3 million worth of SAVM tokens, raising concerns about a possible pump-and-dump strategy. The wallet received 420,000 SAVM tokens from the team and transferred a portion to new wallets. It also sold a significant amount of SAVM for Ethereum tokens. These actions have sparked fears of a rug pull scam, where developers create hype around a cryptocurrency before making a quick exit with profits.
Analysts Warn of Possible Scam
Analysts have been warning against the SatoshiVM project, with some labeling it as a scam. They question the involvement of influencers related to SAVM and suggest that a legitimate project wouldn’t rely on influencers for funding. Earlier, a large number of SAVM tokens were transferred to influencer wallets, accounting for a significant portion of the total supply.
SAVM Price Rises 17%
The price of SAVM has surged over 17%, reaching a high of $11 before slightly declining. Despite this, it has maintained substantial gains. The coin’s market cap stands at $76.96 billion, with a 24-hour trade volume of $37.45 million. However, it’s worth noting that the price experienced extreme fluctuations since its launch, further supporting concerns of a pump-and-dump strategy.
Hot Take: Questions Surrounding SatoshiVM’s Actions
The recent actions by the SatoshiVM team have raised serious questions about the legitimacy and intentions behind the project. The large sales of SAVM tokens, coupled with warnings from analysts, suggest that there may be ulterior motives at play. While the price surge may seem enticing to investors, it’s important to approach this cryptocurrency with caution. Conduct thorough research and consider the potential risks before making any investment decisions.
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