Trader’s Profit from SatoshiVM Token Launch: A crypto trader made a profit of $6.77 million within three hours of the SatoshiVM (SAVM) token launch. The token’s price tanked 99% shortly after the launch due to a bug, but not before the trader capitalized on the initial surge​​.
In a dramatic turn of events surrounding the launch of the SatoshiVM (SAVM) token, a savvy crypto trader managed to earn a staggering $6.77 million in profits within just three hours. This remarkable feat was accomplished using a controversial trading bot known as Banana Gun, which enabled the trader to “snipe” or rapidly purchase the SAVM tokens before their official launch.
The trader initially invested 277.66 Ether (ETH), which was worth approximately $681,000 at the time, to acquire 2.61 million SAVM tokens. Following the acquisition, the price of the SAVM token witnessed a significant surge, enabling the trader to sell 2.16 million tokens for around $4.38 million. At the end of this trading spree, the trader still held 450,000 SAVM tokens, valued at about $3 million, thus rounding up their total profits to approximately $6.77 million.
However, the SatoshiVM token’s price plummeted by 99% within hours of its launch due to a bug, but not before the trader capitalized on the initial price surge. The incident has raised eyebrows in the crypto community, with some users applauding the trader’s successful strategy while others critiqued the ethical implications of using such methods in trading.
It’s worth noting that the use of sniping tools like Banana Gun has been a subject of controversy in the crypto world. These tools enable users to gain an early and often unfair advantage in token sales, leading to discussions about the fairness and transparency of such practices in the cryptocurrency market.
This event underscores the volatility and unpredictability of the crypto market, where significant gains can be made swiftly, but not without potential risks and ethical considerations. It also highlights the need for more stringent regulations and security measures to ensure a level playing field for all participants in the crypto space.