Trader Earns $6.77M from SatoshiVM (SAVM) Token Launch

A crypto trader has made millions on the SatoshiVM (SAVM) token launch with an ingenious strategy.

Man sitting on coins sky high, with a banana covering his face.
Created by Kornelija Poderskytė from DailyCoin
  • A crypto trader has made millions of dollars on the SAVM token launch.
  • The trader used a bribe and a snipping tool to become the first buyer of the token.
  • The trader sold millions of SAVM following the acquisition.

A crypto trader has surprised the industry after bribing their way to earn millions of dollars in profit within a few hours following the SatoshiVM (SAVM) token launch.

The SAVM token launch went live on January 18 with random selection and ILO pools and ended on January 19. Per Bounce Brad, the launch attracted 23,487 participants, with random selection winners earning SAVM while ILO winners claimed revenue in ETH.

Trader Leverages ETH Bribe to Earn Millions on SAVM Launch

According to a Twitter (X) post shared by blockchain monitoring firm Lookonchain on January 19, an anonymous crypto trader made around $6.77 million on SAVM just three hours after the token’s launch.

The trader leveraged a Banana Gun snipping tool and a bribe fee of 141.66 ETH (about $352,540) to be the first one to acquire the to-be-launched token, amassing 2.16 million SAVM with a total cost of 277.66 ETH (about $681,000).

Launched in July 2023, Banana Gun is a controversial trading bot on Ethereum and Solana that allows users to snipe presale tokens and automate maximum profit transactions.

After using the bot to acquire the tokens, the trader sold 2.16 million SAVM for $4.38 million and remained with 450,000 SAVM tokens, worth about $3 million. Roughly, the trader’s net profit amounted to $6.77 million.

At press time, SAVM was trading at $12.20 after gaining 33.85% in the last 24 hours, according to CoinMarketCap data. The token has a self-reported circulating supply of 7 million.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.