The buying and selling worth of the altcoin SNM instantly 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 keeping with coingecko.com information, in just 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 lifeless shitcoin that had an ICO in 2017, SNM, instantly 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 reveals that traded volumes additionally spiked throughout the identical durations.
Though the altcoin, which has a circulating provide of 44.4 million tokens, is listed on 5 trade platforms, information reveals 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 might point out {that a} pump-and-dump scheme is underway. Chinese language crypto journalist Collin Wu tweeted:
Undecided if it’s a contra buying and selling involving stolen cash or an absence of liquidity because of the 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 typically discover lifeless cash. Ones with low liquidity and and not using a perpetual contract that may let folks/bot go quick on it to do their pump after which dump.”
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