Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims

The buying and selling worth of the altcoin SNM all of a 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 Trade 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). According to coingecko.com data, 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 useless shitcoin that had an ICO in 2017, SNM, all of a 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 nearly completely tradable on Binance, however Binance didn’t delist it. https://t.co/TSaEM36GLg

— Wu Blockchain (@WuBlockchain) November 20, 2022

Before 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 durations.

Although the altcoin, which has a circulating provide of 44.4 million tokens, is listed on 5 change platforms, information 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 might point out {that a} pump-and-dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:

Not positive if it’s a contra buying and selling involving stolen cash or a scarcity of liquidity because of the withdrawal of market makers.

Another person, Andrew Sun, argued that the altcoin’s sudden worth and traded volumes surge might be a sign that an recognized group had chosen to make use of SNM for pump-and-dump functions. Sun tweeted: “A pump and dump group has chosen it. They often find dead coins. Ones with low liquidity and without a perpetual contract that will let people/bot go short on it to do their pump and then dump.”

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