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.