Bitcoin News and Finance
Crypto Snipers Strike Gold as Traders Earn Millions in SAVM Token Launch Frenzy Skip to main content

Crypto Snipers Strike Gold as Traders Earn Millions in SAVM Token Launch Frenzy

Crypto Snipers Strike Gold as Traders Earn Millions in SAVM Token Launch Frenzy

Based on the recent report from Arkham Intelligence, the launch of the satoshivm (SAVM) token two days ago saw three adept crypto traders, often referred to as ‘snipers,’ each earning a profit of $1 million. Arkham’s findings revealed that the most proficient of these sniping addresses achieved a staggering gain of over a million dollars, accomplishing this feat in under 40 minutes.

Lone Sniper Hits $7 Million Jackpot, Trio of Traders Net $1 Million Apiece During SAVM Crypto Launch

Crypto snipers managed to make some decent profits from the recent satoshivm (SAVM) launch, Arkham Intelligence detailed. Sniping, essentially refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage. The strategy involves pre-setting parameters for immediate purchasing upon a new token’s launch and leveraging automated trading bots. According to market data from coingecko.com, SAVM came out the gate with an initial price of $6.83 per unit and it’s currently trading for prices between $9.48 to $14.13 over the past day.

“When SAVM launched 2 days ago, over $3 [million] of ETH attempted to snipe the token as soon as liquidity was deployed.,” Arkham wrote on X this weekend. “It was a knife fight – with the top 3 most successful snipers all making over $1 [million] each, in under 12 hours. The largest sniping address, 0x278, bought 2 million SAVM for [$333,000], selling it over the next half an hour for a total of $1.7 [million].” Arkham added:

They needed to pay [$350,000] just in order to get their transaction into the block – but ended up making over a million dollars in barely 40 minutes.

Arkham detailed that the second-largest participant invested $220,000, placing them second in line and allowing them to acquire 450,000 SAVM tokens. This entity, however, incurred a significant expense of nearly $300,000 to pay the block builder for transaction inclusion. The blockchain intelligence firm noted that the trader made slightly over $1 million in total profits and the account still possesses SAVM valued at $120,000.

The last of the savvy sniping traders distributed their purchases among five different accounts, Arkham explained, each buying approximately 15 ETH. In total, this strategy involved an investment of 90 ETH to secure 191,000 SAVM tokens. Over the subsequent nine hours, these tokens were progressively sold, yielding 618.4 ETH, equivalent to $1.5 million. Researchers from Lookonchain further disclosed that another sniper made nearly $7 million in profit from sniping profits.

Lookonchain’s X account told the public that in a mere span of three hours, a single trader realized a staggering $6.77 million profit from trading SAVM. This individual leveraged the Bananagun trading bot and employed a substantial bribe fee of 141.66 ETH to secure the advantageous position of being the first purchaser of SAVM upon its opening day. The trader acquired 2.61 million SAVM, incurring a total expense of 277.66 ETH, which equates to approximately $681,000.

There’s a great deal of discussions associated with this type of trading. The debate around crypto sniping mainly stems from the employment of sniper bots in crypto trading. The utilization of these bots is contentious, sparking worries about the integrity of the market and potential manipulative practices. Sniper bots may confer unfair market benefits, potentially leading to price distortions and placing individual traders at a disadvantage, unable to match the bots’ rapidity and effectiveness.

While its a nuanced topic, supporters of sniping argue that it’s a groundbreaking approach, encompassing risks unfamiliar to many traditional traders. Bot trades might not succeed, transactions can fail, and market responses can be entirely unpredictable. It takes boldness, tactical skill, and sometimes hundreds of thousands for those who employ sophisticated tools, such as sniper bots, to secure an advantage in the intensely competitive crypto trading arena.

What do you think about the practice of crypto sniping? Let us know what you think about this subject in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory