What Is SatoshiVM? Is the Bitcoin L2 Hype Real?

• Anonymous trader turned $681K into a $6.77 million profit with SatoshiVM token.
• Currently, SatoshiVM has displayed a decline of 3.05%, bringing its value to $8.65.

The cryptocurrency market was buzzing with the rapid rise and fall of SatoshiVM (SAVM), an Ethereum-based token, as an anonymous trader turned a $681,000 investment into a significant profit of over $6.77 million within three hours of the token’s launch.

Taking advantage of the hype surrounding the new Layer 2 network for the Bitcoin blockchain, the trader used tactics, utilizing the Banana Gun snipping tool, and paid 141.66 ETH (approximately $140,000) to secure a strategic position in the token’s launch. The Banana Gun bot, launched in July 2023, allows users to quickly snipe presale tokens and trade cryptocurrencies.

The trader invested around $681,000 to acquire 2.61 million SAVM tokens for 277.66 ETH using the Banana Gun trading bot. The calculated bet proved immensely profitable, as the token’s price soared by a staggering 99% within three hours of its launch.

The value of the SAVM tokens held by the trader surged to more than $6.77 million in a short span of three hours. Seizing the opportunity, the trader promptly sold 2.16 million SAVM tokens for $4.38 million, ultimately liquidating their entire holdings for a surprise profit exceeding $6.7 million within a single day.

SatoshiVM’s Airdrop Speculation: What to Expect

SatoshiVM, a decentralized Bitcoin ZK Rollup Layer2 solution compatible with the Ethereum Virtual Machine (EVM) ecosystem, utilizes native BTC as gas. This technology seamlessly links the EVM with Bitcoin, empowering the Bitcoin ecosystem to create assets and applications. It supports smart contracts in various languages like Solidity, Rust, or C++.

The SAVM token experienced a rapid increase in value from its initial DEX offering (IDO) price, which was largely fueled by the promotion of influential figures with substantial social media followings. With 47,000 registrants eagerly anticipating the IDO, only a fraction managed to participate. 

At its peak, the token reached a price of $14.8, given a 250x return for an early participant investment. However, the price corrected to $8.65 leading to a reduced market cap of below $100 million.

Further, there are rumors of SatoshiVM conducting a $SAVM token airdrop, but there is no ongoing airdrop. The platform has initiated its testnet, featuring live faucets and bridges, with the Swap feature anticipated to launch soon.