SatoshiVM (SAVM) Plunges Over 30% Amid Influencer Spat, Whales Endure Heavy Losses

The price of SatoshiVM (SAVM) has plunged by approximately 30% amid a public feud between influencers Ape Terminal and MacnBTC. Attempting to capitalize on this dip, two whales collectively lost over $1.3 million in the process, on-chain data shows.

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

SAVM is an ERC-20 token associated with SatoshiVM, a decentralized Bitcoin ZK Rollup that allows developers to build Ethereum Virtual Machine (EVM) compatible applications on the Bitcoin blockchain.

SAVM Launchpad Woes

The conflict between Ape and Mac stemmed from the launch of SAVM via an Initial DEX Offering (IDO) on Ape’s platform last week. 

Mac, who claims to be an advisor to SatoshiVM, accused Ape of rigging the IDO by allocating all 210,000 SAVM tokens to 10 of their team members instead of distributing them fairly among participants. In addition, Mac claimed that Ape charged a 25% fee and returned all SAVM tokens to the SatoshiVM team but profited millions of dollars through the sale of the winning wallets.

https://twitter.com/MacnBTC/status/1750278494477562169

In response, Ape refuted these claims, saying that instead, Mac is the owner of SAVM and that its distribution approach aligns with his final proposed metrics for the project. Ape Terminal also stated that they made zero fees from SAVM. 

“In fact, any fees generated from SAVM offering were transferred to Mac. These he will likely sell as well, in addition to the current $20M+ SAVM liquidated” by Mac and his team, Ape said.

https://twitter.com/theapeterminal/status/1750298526364414008

The dispute has sparked outrage on social media, with many questioning the project’s legitimacy and the token launch’s fairness. 

Whales Get Caught in the Downturn

Following the bearish sentiment amid the conflict, two whales, 0xe939 and 0x0c00, scooped up large quantities of SAVM at what they believed were bargain prices. 0xe939 spent $1.45 million on 118,187 SAVM, while 0x0c00 invested $2.1 million in 193,676 SAVM.

However, their hopes for a quick rebound were dashed as the price of SAVM continued to plunge. At the current price, 0xe939 is sitting on a $617,000 loss (-43%), and 0x0c00 has lost $716,000 (-34%).