The buying and selling worth of the altcoin SNM all of the sudden rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), whereas the coin’s 24-hour commerce quantity stood at simply over $720 million. The altcoin’s abrupt worth surge has fueled hypothesis that the altcoin is being focused by a pump-and-dump group.
Binance Dominates the Altcoin’s Commerce Volumes
SNM, an altcoin, which had solely beforehand traded above one greenback on April 30, 2021, went up by greater than 4,000% to $6.70 — a brand new all-time excessive — on Nov. 20, 5:30 a.m. (ET). In line with coingecko.com data, in slightly below 24 hours SNM’s commerce volumes had surged from simply over $1.2 million on Nov. 19, at 04:02 a.m. to over $720 million by 8:00 p.m. (ET).
A useless shitcoin that had an ICO in 2017, SNM, all of the sudden surged almost 20x on Binance tody. Its official web site has not been up to date for a very long time. The coin is sort of completely tradable on Binance, however Binance didn’t delist it. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
Earlier than altcoin’s newest worth and traded volumes surge, SNM, which debuted with an preliminary coin providing (ICO) worth of $0.16 in 2017, has solely been offered above $0.50 on three events that are Aug.26 ($0.503), Sep. 12 ($0.707), and Sep. 12 ($0.517). The information additionally exhibits that traded volumes additionally spiked throughout the identical intervals.
Though the altcoin, which has a circulating provide of 44.4 million tokens, is listed on 5 change platforms, knowledge exhibits that Binance accounted for greater than 99% of SNM’s traded volumes on Nov. 20.
Pump and Dump Claims
On Twitter, some customers speculated that the altcoin’s exercise may point out {that a} pump-and-dump scheme is underway. Chinese language crypto journalist Collin Wu tweeted:
Unsure if it’s a contra buying and selling involving stolen cash or an absence of liquidity as a result of withdrawal of market makers.
One other consumer, Andrew Solar, argued that the altcoin’s sudden worth and traded volumes surge may very well be a sign that an recognized group had chosen to make use of SNM for pump-and-dump functions. Solar tweeted: “A pump and dump group has chosen it. They usually discover useless cash. Ones with low liquidity and with out a perpetual contract that can let individuals/bot go quick on it to do their pump after which dump.”
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