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After a bumpy road since its initial DEX offering (IDO), the controversial BTC Layer 2 (L2) project, SatoshiVM (SAVM), has recently enjoyed a major revival, rising beyond $3. The coin has experienced significant volatility along its trip from an all-time low of $2.2 to its current trading price of $3.34 in February.
The market’s perception of SAVM due to its recent controversy is still unclear despite the recent upswing, as evidenced by indicators like the Average Directional Index (ADX) that strongly suggest a downturn.
Recent Controversy which left the market speculative about SAVM’s future
The recent Initial DEX Offering (IDO) on Ape Terminal, a decentralized exchange (DEX) financing platform, is the subject of controversy.
MacnBTC,” an X user who claims to be a SatoshiVM project advisor, accused Ape Terminal did a scam against IDO participants. The launchpad apparently did not choose from the pool of candidates, but instead distributed all 210,000 SAVM token allotment to its crew members.
In response, Ape Terminal said that MacnBTC was “snipping” the coins in order to profit personally from the sales. Ape Terminal refuted these claims. In response, MacnBTC made it clear that while 200,000 wallets submitted applications for the IDO, Ape Terminal selected all 10 winners solely from its staff and kept a large 25% service charge.
Community of SatoshiVM (SAVM) Voice Criticism
The project, due to its recent hype, was a popular choice among investors and crypto enthusiasts. A mixed response of anger and caution is observed by the crypto community Following its abrupt decline and overwhelming rumors. It reflects concern over the fairness and transparency of the token launch procedure.
The SAVM community has been more critical after it was discovered that well-known investors in SatoshiVM’s private sale chose to quickly sell their holdings for a profit soon after the token was issued. Market watchers were deeply offended by this move, questioning the ethics and motivations underlying the swift divestment of allocations.
Algotech (ALGT) Emerges as Better Alternative to SAVM
With the uncertainty and rumors surrounding SAVM, Algotech (ALGT) has been positively received by market experts following the successful private seed sale of $1.1 million. It has appeared as a promising investment opportunity with its solid tokenomics.
The deflationary ERC-20 coin ensures continued reinvestment back into development to support the growth of the TradFi platform. Alogtech is expected to grow significantly beyond its current presale price of $0.04. Its value is predicted to reach an all-time high of $0.15 before it gets listed on more exchanges, indicating a potential rise in value of 275%.
For crypto enthusiasts and DeFi investors, Algotech (ALGT) is the project that offers the
most exciting growth prospects. The innovative technology and cutting-edge use cases will
continue to become more relevant as demand for advanced trading tools increases.
Learn more:
Visit Algotech Presale
Join The Algotech Community
Source: https://finbold.com/controversial-btc-l2-project-savm-rebounds-above-3-questions-remain/