The newly launched SatoshiVM (SAVM) token has experienced a significant decline amid an ongoing controversy between an acclaimed SAVM advisor and Ape Terminal, the DEX platform used to conduct SAVM’s Initial DEX Offering (IDO).
The token lost as much as 38% of its value at launch; its price dropped massively to $5.979 in the early hours of January 25.
SAVM is battling controversies primarily from concerns about specific wallets exerting substantial control over the initial token distribution.
URGENT SPACE: SatoshiVM is one of the most successful token launches in crypto, and the most successful in years.
They peaked at over 30,000% return on the IDO price, before settling at 15,000%.
Then the FUD began, with the project blaming the launchpad for scamming investors,… https://t.co/woFblFDMWw
— Mario Nawfal (@MarioNawfal) January 25, 2024
SatoshiVM’s IDO, which was conducted on January 19, has been the focal point of the ruckus.
“MacnBTC,” an X user who claims to be a SatoshiVM project advisor, accused Ape Terminal of orchestrating a scam against IDO participants. The launchpad allegedly transferred all of its 210,000 SAVM token allocations to its team members rather than selecting from the pool of applicants.
Ape Terminal has denied these allegations and countered by accusing MacnBTC of ‘sniping’ the coins for personal gain from the sales. MacnBTC, in response, clarified that 200,000 wallets applied for the IDO, but Ape Terminal exclusively chose all ten winners from its internal team and retained a substantial 25% service fee.
The SAVM token launch was highly anticipated and generated considerable excitement in recent months. Following its debut, the SAVM token achieved an impressive market capitalization of around $90 million. DEXTools data indicates a substantial leap in its price, marking it as the most significant launch in 2024, but following the dispute, the coin’s market cap has declined to $57.95 million.
The coin appears to be recovering, as CoinMarketCap data shows that the SAVM coin is currently trading at $8.188 as of press time.
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