SatoshiVM (SAVM), the Bitcoin Layer 2 project, was first talked about with its rise, but now it attracts attention with its significant declines.
SAVM has dropped over 30% in the last 24 hours, the biggest drop since its inception.
However, since whales thought that these levels were the bottom after the SAVM decline, they implemented the ‘buy the bottom’ strategy and continued to accumulate SAVM.
It is stated that behind this decline is a dispute regarding Ape Terminal, a fundraising platform.
Because the advisor of the SatoshiVM project accused the MacnBTC Ape Terminal of fraudulent activities during the Initial DEX Offering (IDO). MacnBTC alleged that all SAVM token allocations were unfairly distributed to Ape Terminal team members.
During this conflict between MacnBTC and Ape Terminal, the SAVM price dropped by over 30%, while whales turned the decline into an opportunity and continued to buy.
According to Lookonchain’s post, two whales bought more SAVMs after the drop.
Even though whales make new purchases to reduce costs, whales are still at a loss in SAVM.
“Due to the conflict between Ape Terminal and MacnBTC, the SAVM price dropped by more than 30%.
On-chain data shows that 2 whales bought more SAVM after the drop and are still at a $1.33 million loss on SAVM.
0xe939 spent 200k USDT to buy 24,940 SAVMs at $8.02 2 hours ago and spent a total of 1.45 million USDT to buy 118,187 SAVMs at an average price of $12.27.
0xe939 has lost $617k (-43%) at the current price.
0x0c00 spent 50k USDT to buy 7,543 SAVMs at $6.63 2 hours ago, and spent a total of 2.1 million USDT to buy 193,676 SAVMs USDT for an average price of $10.84.
0x0c00 lost $716k (-34%) at current price.”
SAVM continues to trade at $8.2 at the time of writing.
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
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/whales-take-action-as-fraud-allegations-in-bitcoin-based-altcoin-drop-the-price-by-30-percent-they-made-a-large-purchase/