Caution: Why the SatoshiVM Crypto Rollercoaster Has Analysts Worried – Blockonomi


Concerns are swirling around the new SatoshiVM (SAVM) cryptocurrency after a wallet linked to the developer team sold over $3 million worth of tokens amidst the recent price rally.

TLDR

According to on-chain data analytics firm LookOnChain, a wallet affiliated with the individuals behind SatoshiVM first received 420,000 SAVM tokens from the SatoshiVM team, worth approximately $4.7 million. Soon after, transactions show this wallet transferring around $3.36 million worth of SAVM to other wallets and exchanges.

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This revelation has added credibility to suspicions that unscrupulous insiders could be artificially inflating (or “pumping up”) SAVM’s fledgling price in order to sell (“dump”) tokens at the short-term peak. The practice constitutes illegal market manipulation.

Adding to skeptic’s concerns, SAVM’s launch has been accompanied by wild price swings. After spiking to $14 shortly after release, the token rapidly crashed to around $7 the very next day before climbing back above $11 – volatility consistent with manipulation.

SAVM has also employed questionable marketing tactics, including transferring 11.5% of the total supply to influencer wallet addresses. While hype and exposure are critical to any new cryptoasset’s success, critics argue SatoshiVM seems overly reliant on social media personalities rather than product strength.

Expert analysts have responded strongly to these red flags, with one prominent voice labeling SAVM an outright “scam” while others warn of striking similarities to illegal “rug pull” schemes where developers promote a token before suddenly disappearing with investors funds.

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The SatoshiVM story highlights why caution is warranted when evaluating new crypto projects. Without sufficient history and transparency around developers and business practices, investors risk exposure to schemes designed to exploit innocent people – still all too common in the loosely regulated crypto ecosystem. Although innovation flourishes in this decentralized landscape, so too can fraud without proper vigilance.

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Author: Oliver Dale


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