Suspicious Activities Raise Concerns: Did Influencers Drive an SAVM Pump-and-Dump Scheme?
Article Summary:
A wallet connected to the SatoshiVM team has received millions of SAVM tokens and has distributed and sold a large portion. $10.5 million in SAVM tokens was given to influencers, which has raised suspicions of a pump-and-dump scheme. The legitimacy of SatoshiVM is being questioned by the crypto community, who are concerned about the risks for investors.
Article:
Startling discoveries about the SAVM token have been uncovered by LookOnChain, a reputable on-chain data tracking platform. The focus is on a wallet associated with the SatoshiVM team, which has been involved in significant SAVM token transactions, causing alarm within the crypto community.
A deep dive into the SAVM saga reveals the suspicious activities of a wallet identified as 0xfdac, linked to the SatoshiVM team. This wallet received a staggering 420,000 SAVM tokens, equivalent to an astonishing $4.7 million. What makes this even more intriguing is the subsequent transactions initiated by the wallet.
After acquiring the tokens, the wallet distributed 189,700 SAVM tokens, valued at $2.12 million, to 24 new wallets. Simultaneously, the wallet owner sold 124,739 SAVM tokens for 504 Ethereum tokens (ETH), resulting in a transaction value of $1.24 million. The cumulative impact of these transactions reached an astounding $3.36 million.
These transactions have raised concerns about SatoshiVM, with suspicions of a potential pump-and-dump scheme. This scenario resembles a “rug pull scam,” where developers generate excitement around a cryptocurrency project and then vanish with investors’ funds.
While concrete evidence is yet to emerge, doubts are growing within the crypto community. Notable entities like WEB3 Market Insight have labeled it a “SAVM Pump and Dump,” and BareNakedCrypto has straightforwardly called it a “scam.” The involvement of influencers connected to SAVM also raises questions about their awareness and possible involvement in the situation.
Analysts, such as Daniel, express doubts about the necessity of influencers in supporting a solid project. He argues that legitimate projects can secure funding without relying on social media hype.
On January 20, influencers were allocated a significant portion of SAVM tokens, totaling $10.5 million, which accounts for 11.5% of all SAVM tokens. This coincided with a 17% surge in SAVM’s price, reaching over $11. Although the price later stabilized at $10.96, the initial surge from the launch day’s high of $14.10 to a low of $7.26 raised concerns of a potential pump-and-dump strategy.
As of now, SAVM has an overall market value of $76.96 billion, with a 3.48% increase in the last 24 hours and a total of $37.45 million in trades. While the initial launch saw SAVM’s price peak at $14.10, subsequent fluctuations have made investors cautious of potential risks.
The crypto community remains watchful, with ongoing questions about the integrity of SatoshiVM and the associated risks for SAVM investors. The influence of influencers on crypto prices is also being scrutinized.