SatoshiVM (SAVM) faced a tumultuous turn of events as reports of concerning wallet activity linked to the founding team circulated, causing a swift 25% drop in the cryptocurrency’s price just two days ago. The turmoil escalated due to conflicts between Ape Terminal and Macn BTC.
The price of $SAVM dropped by more than 30% due to the conflict between #ApeTerminal and #MacnBTC.
On-chain data shows that 2 whales bought more $SAVM after the drop and still lost $1.33M on $SAVM.
0xe939 spent 200K $USDT to buy 24,940 $SAVM at $8.02 2 hours ago and has spent a… pic.twitter.com/HurjKzXi1B
— Lookonchain (@lookonchain) January 25, 2024
Following the substantial price dip, on-chain data revealed two whales purchasing more SAVM, despite incurring losses totaling $1.33 million.
Notably, 0xe939 invested 200,000 USDT to acquire 24,940 SAVM at $8.02, with an overall expenditure of 1.45 million USDT for 118,187 SAVM at an average price of $12.27, resulting in a $617,000 loss (-43%) at the current price.
Similarly, 0x0c00 spent 50,000 USDT on 7,543 SAVM at $6.63, accumulating a total of 2.1 million USDT for 193,676 SAVM at an average price of $10.84. This investment incurred a loss of $716,000 (-34%) at the current price.
Ape Terminal And Mac Gives Response To The Conflict
Ape Terminal, addressing the situation on X, expressed regret that SAVM became an exit liquidity source for Mac to fulfill personal needs. They are now focused on turning this incident into a valuable lesson for future launch selections, acknowledging the impact on their track record.
2. Details on SatoshiVM and Mac (on-chain tracks of him dumping on his community)
1. Thread by Lookonchain (https://t.co/nqmNtZ3syT) showing Mac and his friends selling SAVM for millions in profits
2. Thread by Rug AI (https://t.co/GV8w99uTsX on how Mac and his friends profit…
— Ape Terminal (@theapeterminal) January 24, 2024
Contrary to Ape Terminal’s stance, Macn BTC, an advisor to the SatoshiVM team, asserted that he introduced Ape Terminal to the SatoshiVM team as a favor. Macn BTC clarified that the team did not snipe liquidity and refuted claims by highlighting on-chain analysts who could confirm this. He further mentioned engaging with an OTC sniper found on Twitter during the early stages.
Ape Terminal says they will sue me for defamation but make 10 false statements in one google document
Everything is verifable on chain and we will publish the findings.
I’m advisor for the SatoshiVM team and have been working closely with them.
I was doing Ape Terminal a… pic.twitter.com/yhhUZB9XMy
— Mac 🐺 (@MacnBTC) January 24, 2024
These developments shed light on the complexities surrounding the cryptocurrency market, emphasizing the importance of due diligence and transparent communication in project launches.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/more-price-drop-for-savm-following-conflict-and-increased-outflow/