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The Satoshi VM (SAVM) price is under pressure, falling 26%. The move comes following a week filled with controversy and accusations of foul play. Meanwhile, the new BTC mining project, Bitcoin Minetrix, is pushing ahead in its presale. With over $9.2 million of BTCMTX sold, investors appear to be actively seeking a solid SAVM alternative.
SAVM drops by 20%
A new feud between Ape Terminal and MacnBTC impacted SatoshiVM.
Both parties allege that the other dumped allocations of SAVM, with Ape Terminal claiming MacnBTC dumped $10 million of the token.
Ape Terminal is the launchpad platform where SatoshiVM was first traded.
Meanwhile, MacnBTC argues that Ape Terminal scammed him and the broader crypto community.
The market’s response has been anger and caution.
Meanwhile, on-chain investigator ZachXBT argued both MacnBTC and Ape Terminal acted dishonestly.
But these are not the only accusations of foul play surrounding SatoshiVM.
Days prior, YouTuber Stan Crypto made a video warning investors of the risk of SatoshiVM.
The analyst then alleges that the team behind SatoshiVM is following a “playbook,” which leads them to “buy” influencers to build hype and then dump tokens as interest grows.
Stan also highlights the risk of SAVM’s tokenomics and that a large part of its allocation is held by insiders.
These factors led to a notable decline in market confidence, causing the SatoshiVM price to fall 26% as of Jan. 28, and 42.8% from its all-time high.
Currently, the project is trading at $8.41 with a $58 million market cap.
However, with just 33% of tokens already in circulation, market participants expect more draw-down.
Consequently, many traders are exploring alternatives, including Bitcoin Minetrix, to buy.
Stake-to-mine Bitcoin Minetrix raises $9.2 million in ongoing presale
Bitcoin Minetrix allows users to cloud mine Bitcoin effortlessly and securely.
For this use case, the project has raised over $9.2 million in the ongoing presale.
The platform works by users staking BTCMTX tokens in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power.
Users do not require specialist hardware or technical expertise. This makes it ideal for beginners and means anyone can start earning BTC.
Furthermore, Bitcoin Minetrix aims to offer robust security compared to alternative cloud mining solutions.
Earlier models required the user to pay with cash for the service, opening the door to various cloud mining scams.
However, no money changes hands on the Bitcoin Minetrix platform. Users simply stake BTCMTX, eradicating the risk of such scams.
The Bitcoin Minetrix smart contract has also been audited by blockchain security firm, Coinsult. This decision attests to the project’s transparency and adherence to industry best practices.
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