1 year ago
The trading terms of the altcoin SNM abruptly roseate by implicit 4,000% to $10.91 connected Nov. 20, 5:30 a.m. (ET), portion the coin’s 24-hour commercialized measurement stood astatine conscionable implicit $720 million. The altcoin’s abrupt terms surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group.
Binance Dominates the Altcoin’s Trade Volumes
SNM, an altcoin, which had lone antecedently traded supra 1 dollar connected April 30, 2021, went up by much than 4,000% to $6.70 — a caller all-time precocious — connected Nov. 20, 5:30 a.m. (ET). According to coingecko.com data, successful conscionable nether 24 hours SNM’s commercialized volumes had surged from conscionable implicit $1.2 cardinal connected Nov. 19, astatine 04:02 a.m. to implicit $720 cardinal by 8:00 p.m. (ET).
A dormant shitcoin that had an ICO successful 2017, SNM, abruptly surged astir 20x connected Binance tody. Its authoritative website has not been updated for a agelong time. The coin is astir exclusively tradable connected Binance, but Binance did not delist it. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
Before altcoin’s latest terms and traded volumes surge, SNM, which debuted with an archetypal coin offering (ICO) terms of $0.16 successful 2017, has lone been sold supra $0.50 connected 3 occasions which are Aug.26 ($0.503), Sep. 12 ($0.707), and Sep. 12 ($0.517). The information besides shows that traded volumes besides spiked during the aforesaid periods.
Although the altcoin, which has a circulating proviso of 44.4 cardinal tokens, is listed connected 5 speech platforms, information shows that Binance accounted for much than 99% of SNM’s traded volumes connected Nov. 20.
Pump and Dump Claims
On Twitter, immoderate users speculated that the altcoin’s enactment could bespeak that a pump-and-dump strategy is underway. Chinese crypto writer Collin Wu tweeted:
Not definite if it is simply a contra trading involving stolen coins oregon a deficiency of liquidity owed to the withdrawal of marketplace makers.
Another user, Andrew Sun, argued that the altcoin’s abrupt terms and traded volumes surge could beryllium an denotation that an identified radical had chosen to usage SNM for pump-and-dump purposes. Sun tweeted: “A pump and dump radical has chosen it. They often find dormant coins. Ones with debased liquidity and without a perpetual declaration that volition fto people/bot spell abbreviated connected it to bash their pump and past dump.”
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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