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According to data from CoinMarketCap, SatoshiVM (SAVM) has experienced a notable increase in price today, making headlines in the cryptocurrency world. This price surge coincides with the announcement by the cryptocurrency exchange KuCoin that it will list the altcoin, leading to speculation.
KuCoin Listing Boosts On-Chain Activity
Leading cryptocurrency exchange KuCoin announced today that it plans to list SAVM with the SAVM/USDT trading pair, with withdrawal transactions starting on February 27 at 13:00 TRT. The announcement of SAVM’s listing on KuCoin has increased the excitement surrounding the altcoin’s potential, along with a noticeable growth in on-chain activity.
Data provided by on-chain data provider Spot On Chain has fueled speculation surrounding SAVM’s price movements. According to the data, the altcoin was trading in the green before the listing, surpassing the $5 level. Moreover, Spot On Chain pointed out a series of transactions that attracted attention due to “insider trading” speculations, including the transfer of 40,000 SAVM worth $221,000 from a wallet address associated with the SatoshiVM team to KuCoin.
Data from Spot On Chain also reveals that the fifth-largest SAVM investor, who purchased 22,500 SAVM with 100,000 USDT and holds a total of 386,000 SAVM worth $2.19 million, made a strong accumulation before the listing. This accumulation indicates potential high profits, while also leading to speculation about upcoming sales that could affect SAVM’s price dynamics.
Rising Despite Noteworthy Transactions
Despite speculation about potential sales, SAVM has maintained its upward momentum, recording a significant 41.32% rise in the last 24 hours, trading at $5.66 at the time this article was prepared. The altcoin‘s trading volume also saw an impressive increase of 360.51%, reaching $13.38 million, indicating increased market activity following KuCoin’s listing announcement.
While KuCoin’s listing has undoubtedly contributed to investor optimism for SAVM, the large purchases made by major investors are expected to lead to price fluctuations in the short term as they may look to sell for profit. Nevertheless, the SatoshiVM community continues to actively support the cryptographic development of the altcoin with new features developed in the SatoshiVM Testnet.
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