Controversy Swirls Around SatoshiVM Token Launch As Questions Raised Over Allocation and Early Dumping
• SatoshiVM's new SAVM token faces controversy due to a few wallets controlling a large portion of the initial token supply, much of which was quickly dumped on the market after launch
• SAVM saw huge hype initially, jumping to a $90 million market cap within hours of launch, but soon faced backlash as major investors confirmed they took profits very early on
• Analysis shows over 15% of the supply went to wallets owned by influencers who immediately sold their tokens upon receipt
• One wallet linked to the SatoshiVM team received $4 million worth of SAVM tokens at launch, selling $1.2 million worth within 2 days
• Despite the controversy, SAVM token prices have shown resilience, ranging between $7-$14 since launch and remaining popular among retail crypto traders