Snipers Enjoy Over $15M In SatoshiVM Token Launch, Raising Concerns In Crypto Community

The launch of SatoshiVM tokens has been marred by controversy, but remarkable profits.

What Happened: An analysis by rug.ai, covering over 13,800 holders, revealed that alongside the SAVM Team and influencers, snipers made substantial profits.

In cryptocurrency, "sniping" refers to the practice of swiftly executing trades at key moments, often immediately after a token launch. Here's the breakdown:

Snipers an astounding $15.2 million.
Influencers $4.83 million.
Team gaining $4.71 million.

This strategy aims to capitalize on initial price movements, leveraging speed and timing to gain profit.

The effectiveness of this tactic was evident in the SAVM launch.

Analysis: Rug.ai's examination of the SAVM launch indicated that within the first hour, over 250 wallets received approximately 1.2 million $SAVM, accounting for around 11.6% of the supply.

These wallets, tagged as 'KOL' (Key Opinion Leader) wallets, were active in trading, making 206 transactions comprising 35 buys and 171 sells, netting a profit of $4.835 million.

The Winners: The most significant gains were seen among snipers.

The top three snipers alone netted around $10 million. The largest of these, identified as wallet 0x27, controlled 12.2% of the supply at one point. This wallet swapped 134 ETH (valued at approximately $321k) for 2.61 million SAVM (valued at about $26 million), later distributing 1.3 million $SAVM across 38 addresses and selling at an average of $4.01, thereby netting $5.2 million.

Additionally, a cluster of 23 wallets holding 3.4% of the supply netted $2.68 million, and another cluster of five wallets holding 1.8% of the supply gained $1.7 million.

In total, the top three snipers amassed profits of $9.6 million.

Team Profits And Contract Concerns: The SAVM Team is thought to have realized a profit and loss of $1.2 million in the last three days, contributing to their total earnings of nearly $4.7 million.

However, rug.ai rated $SAVM 46/100, noting potential risks in the contract still having an Owner, being Mintable, and having unlocked Liquidity.

Furthermore, the top two holders own approximately 31% of the supply, which could pose dangers.

Implications for the Crypto Market: The SAVM launch has brought to light the significant impact that snipers can have on new token launches, highlighting the need for vigilance and transparency in the crypto market.

The concentration of ownership and the contract's features raise questions about the long-term stability and fairness of such token launches.

As the cryptocurrency landscape continues to evolve, the SAVM case serves as a reminder of the complexities and challenges inherent in digital asset trading.

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