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This Weekend In Altcoins

Published: Jan 28, 2024 | Last Updated: Jan 28, 2024
Howard Kane

SAVM plummets amid controversy, while AltLayer rises post-Binance launch; MakerDAO and WSM tokens face challenges.

The cryptocurrency market has been experiencing significant fluctuations, with several tokens undergoing drastic changes in value due to various factors ranging from internal controversies to protocol changes and security incidents.

Satoshi VM's Market Turbulence

Investors in Satoshi VM (SAVM) are facing a challenging period as the token's value plummeted by 26%. The drop is attributed to a heated controversy involving Ape Terminal and MacnBTC, with both parties accusing each other of dumping SAVM tokens. On-chain investigator ZachXBT has hinted at possible dishonesty in the debacle. As market confidence wanes, SAVM has seen a 42.8% fall from its all-time high. In the wake of this, Bitcoin Minetrix, a new BTC mining initiative, has attracted significant attention, raising over $9.2 million in its presale, as investors seek more stable opportunities.

MakerDAO's $MKR Dips Amidst On-Chain Shuffles

MakerDAO's governance token, $MKR, has not been spared from the market's volatility, experiencing a 3.39% price decline over two days. The drop coincides with a large sale of $MKR by a wallet linked to one of MakerDAO's co-founders, and an increase in stability fees for various collateral types announced by the protocol. These events have potentially contributed to the negative sentiment surrounding $MKR.

AltLayer Token Gains Post Binance Launchpool Introduction

Contrasting the downward trends, AltLayer's token (ALT) has surged following its introduction on Binance Launchpool, marking it as the 45th project on the platform. ALT's value increased by 9% in the last 24 hours and 23% over the past week, despite a 40% drop in its 24-hour trading volume. Before its Binance listing, a significant transfer of ALT tokens was noted from the alt_layer multi-sig wallet to GSR_io, which then moved 15 million ALT tokens to various exchanges. ALT's current trading price stands at $0.3466.

Wall Street Memes Token Hit by Exploit

Wall Street Memes (WSM) cryptocurrency has suffered a severe blow after an exploit led to the theft of 769.4 million $WSM from its staking contract. The stolen tokens were sold for $ETH on Uniswap and MEXC, resulting in a 35% price drop within 24 hours. The decline continued with a 33% decrease over the past week, 58% over the past month, and 66% over the last three months. The WSM team has taken measures to mitigate the damage by withdrawing the WSM liquidity pool and halting trading pairs on centralized exchanges.

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