The cryptocurrency that grew 100 times in a day is named

The value of the native token of the SatoshiVM project (SAVM) has increased more than 100 times, bringing significant profits to early investors. After the launch, the price of the altcoin rose sharply to almost $ 15.

The authors describe SAVM as «the first EVM-compliant protocol on BTC». It is a second-level solution for the BTC blockchain that uses rollups with zero-knowledge (ZK) proof of stake. The SAVM token was launched on January 18. According to Bounce Brand, 23,487 people took part in the launch: the winners of the random sample received SAVM, and the winners of the ILO received ETH.

The rapid growth of SAVM was facilitated by the support of various crypto influencers who promoted the project in their communities. Renowned researcher ZachXBT warned the community to be vigilant.

«When opinion leaders with a large number of followers start advertising the project launch at the same time, it is most likely due to the fact that they have an allocation and will then sell their cheap tokens,» the expert warned.

Subsequently, analysts from the LookOnChain platform confirmed ZachXBT’s words. They found that the SatoshiAVM team had allocated 1.2 million tokens (11.5% of the total supply) worth $ 10.5 million to 248 influencers' addresses that had already sold more than 50% of the coins. The sale severely affected the price of SAVM, causing it to drop to around $ 9.39.

Meanwhile, traders managed to make substantial profits on the launch of SatoshiVM. An anonymous cryptocurrency owner purchased a SatoshiVM token (SAVM) immediately after the coin’s launch, and in three hours, he recorded a profit of $ 6.77 million.