Did Influencers Fuel an SAVM Pump-and-Dump? Suspicious Moves Raise Concerns

In a recent revelation by LookOnChain, a prominent on-chain data tracking platform, unsettling findings surrounding the SAVM token have come to light. The focus is on a wallet linked to the SatoshiVM team, which reportedly engaged in substantial SAVM token transactions, sparking concerns within the crypto community.

Read more about it below.

A Deep Dive into the SAVM Saga

LookOnChain’s post on X exposed the suspicious activities of a wallet, identified by the address 0xfdac, associated with the SatoshiVM team. This wallet received a substantial 420,000 SAVM tokens, equivalent to an astounding $4.7 million. The situation became more intriguing as the wallet initiated a series of transactions.

Post-receipt of the tokens, the wallet distributed 189,700 SAVM tokens, valued at $2.12 million, to 24 new wallets. Simultaneously, the wallet owner sold 124,739 SAVM tokens for 504 Ethereum tokens (ETH), resulting in a total transaction value of $1.24 million. The cumulative impact of these transactions reached a staggering $3.36 million.

Red Flags Under the Spotlight

Amidst these transactions, skepticism surrounds SatoshiVM, with fears of a potential “pump-and-dump” scenario. This scenario mirrors a “rug pull scam,” where developers generate excitement around a cryptocurrency project, only to disappear with investors’ funds.

While concrete evidence is yet to emerge, doubts are growing within the crypto community. Notable entities like WEB3 Market Insight labeled it a “SAVM Pump and Dump,” and BareNakedCrypto bluntly termed it a “scam.” The involvement of influencers connected to SAVM also raises questions about their awareness and possible complicity.

Influencer’s Role Under Scrutiny

Analysts, like Daniel, express doubts about the necessity of influencers in supporting a solid project. He argues that legitimate projects can secure funding without relying on social media hype.

On January 20, a significant portion of SAVM tokens, totaling $10.5 million, was allocated to influencers, constituting 11.5% of all SAVM tokens. This coincided with a 17% surge in SAVM’s price, reaching over $11. Although it later stabilized at $10.96, the initial surge from the launch day’s high of $14.10 to a low of $7.26 raised concerns of a potential pump-and-dump strategy.

Crypto Community Watch

SAVM currently holds an overall market value of $76.96 billion, with a 3.48% increase in the last 24 hours, totaling $37.45 million in trades. While the initial launch saw SAVM’s price peak at $14.10, subsequent fluctuations have left investors wary of potential risks.

As the crypto community remains vigilant, questions persist regarding SatoshiVM’s integrity and the associated risks for SAVM investors.

Should influencers have so much sway over crypto prices?