SatoshiVM (SAVM) Price At $8.2 After Launch – What You Need To Know
Image Credit: X.com
YEREVAN (CoinChapter.com) – SatoshiVM (SAVM) coin price traded at $8.2-8.3 on Jan 19, hours after its launch. Notably, the exact price was not clear, as several coin trackers reflected slightly varied results. Here is more information on the SatoshiVM Launch and the SAVM coin itself.
SatoshiVM (SAVM) Launched Through DEX Offering
SatoshiVM (SAVM) launched through an Initial DEX Offering (IDO) that took place from Jan 16 to Jan 19, 2024. Ape Terminal Launchpad and Bounce Launchpad conducted the event. The total token supply during this IDO was set at 420,000 SAVM, and it operates on the Ethereum blockchain as an ERC-20 utility token.
According to CoinMarketCap, 99.5% of the SAVM trading took place on Uniswap with the price of $8.08 against wrapped Ethereum (WETH). The SatoshiVM pair with Tether (USDT) took place on LBank with only 0.32% of the trading.
There was a significant event related to the SAVM launch involving a crypto trader who managed to make a substantial profit quickly. Using a trading bot known as “Banana Gun,” the trader was able to snipe the newly launched tokens, securing a large quantity before selling them as the price increased, leading to a profit of approximately $6.77 million within just a few hours.
They initially purchased 2.61 million SAVM tokens using the bot and later sold a portion of these tokens for around $4.38 million. As a result, they still held 450,000 SAVM tokens estimated to be worth about $3 million, contributing to their total profits.
More About The Project
SatoshiVM integrates zero-knowledge (ZK) Rollup technology, which enables the bundling of multiple transactions into a single batch for validation on the Bitcoin network.
This feature ensures a high level of security and data validity. Furthermore, the platform uses native BTC as gas for its Ethereum Virtual Machine (EVM) operations, making it a Layer 2 solution that bridges the Bitcoin and Ethereum ecosystems.
SAVM operates on a proof-type system, and it is not mineable. The total supply of SAVM is set at 21,000,000 coins.
We have improved a method that can verify the correct execution of arbitrary functions on Bitcoin, making it more suitable for Layer2 block validation. Verification System of SatoshiVM is a system that can ensure the accurate execution of Layer2 blocks on Bitcoin. This system does not require any modifications to Bitcoin itself. It is capable of confirming whether a series of Layer2 blocks are executed correctly on Bitcoin without any changes to the existing infrastructure.
specified the team.
The post SatoshiVM (SAVM) Price At $8.2 After Launch – What You Need To Know appeared first on CoinChapter.
Filed under: Bitcoin - @ January 19, 2024 1:25 pm