Trader's Ingenious Strategy Nets $6.77M from SatoshiVM (SAVM) Token Launch

In a surprising turn of events, a crypto trader has earned millions through a clever strategy during the SatoshiVM (SAVM) token launch.

Launch Highlights

The SAVM token launch, featuring random selection and ILO pools, commenced on January 18 and concluded on January 19. With 23,487 participants, random selection winners received SAVM, while ILO winners claimed ETH revenue.

ETH Bribe Success

As per a Twitter post by Lookonchain on January 19, an anonymous trader pocketed approximately $6.77 million just three hours after SAVM's launch.

Strategic Moves

Utilizing a Banana Gun snipping tool and a 141.66 ETH bribe (about $352,540), the trader secured the first batch of tokens, accumulating 2.16 million SAVM at a total cost of 277.66 ETH (about $681,000).

Banana Gun Controversy

Banana Gun, a contentious trading bot on Ethereum and Solana launched in July 2023, enables users to snipe presale tokens and automate high-profit transactions.

Profitable Transactions

After acquiring the tokens, the trader sold 2.16 million SAVM for $4.38 million, retaining 450,000 SAVM tokens valued at around $3 million. The trader's net profit amounted to $6.77 million.

Market Status

At present, SAVM is trading at $12.20, marking a 33.85% gain in the last 24 hours, according to CoinMarketCap data. The token reports a circulating supply of 7 million.

While the trader's earnings are noteworthy, it raises concerns about the potential for manipulation within token launches. This incident prompts a closer examination of the mechanisms governing such events, ensuring a fair playing field for all participants.