Altcoin SNM’s 4,000% Cost Rise in 24 hr Fuels Pump and Discard Claims– Altcoins Bitcoin News
The trading cost of the altcoin SNM unexpectedly increased by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin’s 24-hour trade volume stood at simply over $720 million. The altcoin’s abrupt cost rise has actually sustained speculation that the altcoin is being targeted by a pump-and-dump group.
Binance Controls the Altcoin’s Trade Volumes
SNM, an altcoin, which had actually just formerly traded above one dollar on April 30, 2021, increased by more than 4,000% to $6.70– a brand-new all-time high– on Nov. 20, 5:30 a.m. (ET). According to coingecko.com information, in simply under 24 hr SNM’s trade volumes had actually risen 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 dead shitcoin that had an ICO in 2017, SNM, unexpectedly rose almost 20x on Binance tody. Its main site has actually not been upgraded for a long period of time. The coin is nearly solely tradable on Binance, however Binance did not delist it. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
Prior to altcoin’s newest cost and traded volumes rise, SNM, which debuted with a preliminary coin offering (ICO) cost of $0.16 in 2017, has actually just been offered above $0.50 on 3 events which are Aug. 26 ($ 0.503), Sep. 12 ($ 0.707), and Sep. 12 ($ 0.517). The information likewise reveals that traded volumes likewise increased throughout the exact same durations.
Although the altcoin, which has a flowing supply of 44.4 million tokens, is noted on 5 exchange platforms, information reveals that Binance represented more than 99% of SNM’s traded volumes on Nov. 20.
Pump and Discard Claims
On Twitter, some users hypothesized that the altcoin’s activity might suggest that a pump-and-dump plan is underway. Chinese crypto reporter Collin Wu tweeted:
Uncertain if it is a contra trading including taken coins or an absence of liquidity due to the withdrawal of market makers.
Another user, Andrew Sun, argued that the altcoin’s unexpected cost and traded volumes rise might be a sign that a recognized group had actually picked to utilize SNM for pump-and-dump functions. Sun tweeted: “A pump and discard group has actually picked it. They frequently discover dead coins. Ones with low liquidity and without a continuous agreement that will let people/bot go short on it to do their pump and after that discard.”
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