Over 200 KOLs received tokens from the SatoshiVM project, SAVM. ZachXBT: Beware of becoming the target of dumping.

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248 KOLs Received SatoshiVM Project Tokens (SAVM)

On the evening of the 19th, blockchain detective ZachXBT revealed that the ZK Rollup project "SatoshiVM" has sent a large number of SAVM tokens to KOLs.

Many projects often rely on KOLs to help with marketing and promotion, generating a certain level of hype.

SatoshiVM, the Bitcoin-native EVM-compatible Rollup, teaches you how to enter the ecosystem across chains

ZachXBT stated:

Remember, when KOLs with a large number of followers start promoting a specific project at the same time, it is likely because they have received token allocations from the project and see you as potential buyers.

ZachXBT only mentioned five KOLs:

• @ThorHartvigsen: 76,000 followers

• @wacy_time1: 107,000 followers

• @nuhbatuhann: 52,000 followers

• @murtazasats: 23,000 followers

• @Cryptoinsightuk: 23,000 followers

Blockchain analytics firm Lookonchain also pointed out that as many as 248 KOLs have received tokens from the project.

Remember when influencers with a lot of followers start shilling a project launch at the same time it is likely bc they have allocation and will dump their cheap tokens on you. pic.twitter.com/k71P2m3pso

— ZachXBT (@zachxbt) January 19, 2024

More Than Half of the KOLs May Have Sold SatoshiVM SAVM

Lookonchain stated that SatoshiVM distributed a total supply of 1.217 million SAVM tokens, worth approximately $10.5 million, to 248 KOL wallets.

Currently, these 248 addresses hold only 483,000 SAVM tokens, with 734,000 SAVM tokens already transferred or sold.

SatoshiVM transferred 1,217,818 $SAVM($10.5M, 11.5% of the total supply) to 248 influencer addresses including @ThorHartvigsen.

Currently, these 248 addresses still hold 483,493 $SAVM($4.16M), and 734,325 $SAVM($6.32M) was transferred or sold.https://t.co/U3uphiQjcJ pic.twitter.com/QViWKCjhwb

— Lookonchain (@lookonchain) January 20, 2024

The official statement from SatoshiVM only mentioned providing "something" for testnet users and early supporters, urging users to be cautious of any airdrops at this stage and to stay tuned for the release of the SatoshiVM alpha mainnet to avoid scams.

There is currently no $SAVM airdrop being claimable anywhere.

We will however have something for our early testers and supporters

Stay tuned for the SatoshiVM alpha mainnet launch, don't fall for scams

— SatoshiVM (@SatoshiVM) January 19, 2024

KOL Clarification: Still Bullish on SatoshiVM SAVM

Thor Hartvigsen mentioned the following points in a tweet:

1. He is a seed round investor in SAVM.

2. Still bullish on SatoshiVM attracting a significant amount of liquidity in the BTCFi field.

3. He sold SAVM at $6 because the costs of many IDOs and secondary markets were below $1.

4. He has bought back all positions at $12 and does not want to hide anything.

5. Received over 20 death threats in private messages and will take a few weeks off.

I invested into the SAVM seed because I see it as a cool product within the BTCFi landscape, a category which is evolving fast and something I believe will attract significant liquidity over the coming years.

And yes, I sold the vested part of my investment at $6 because the…

— Thor⚡️Hartvigsen (@ThorHartvigsen) January 19, 2024