{"id":14645,"date":"2022-11-20T21:23:44","date_gmt":"2022-11-20T21:23:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/altcoin-snms-4000-price-surge-in-24-hours-fuels-pump-and-dump-claims-altcoins-bitcoin-news\/"},"modified":"2022-11-20T21:23:44","modified_gmt":"2022-11-20T21:23:44","slug":"altcoin-snms-4000-price-surge-in-24-hours-fuels-pump-and-dump-claims-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/altcoin-snms-4000-price-surge-in-24-hours-fuels-pump-and-dump-claims-altcoins-bitcoin-news\/","title":{"rendered":"Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin\u2019s 24-hour trade volume stood at just over $720 million. The altcoin\u2019s abrupt price surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group. <\/strong><\/p>\n

Binance Dominates the Altcoin\u2019s Trade Volumes<\/h2>\n

SNM, an altcoin, which had only previously traded above one dollar on April 30, 2021, went up by more than 4,000% to $6.70 \u2014 a new all-time high \u2014 on Nov. 20, 5:30 a.m. (ET). According to coingecko.com data<\/a>, in just under 24 hours SNM\u2019s trade volumes had surged from just over $1.2 million on Nov. 19, at 04:02 a.m. to over $720 million by 8:00 p.m. (ET).<\/p>\n

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A dead shitcoin that had an ICO in 2017, SNM, suddenly surged nearly 20x on Binance tody. Its official website has not been updated for a long time. The coin is almost exclusively tradable on Binance, but Binance did not delist it. https:\/\/t.co\/TSaEM36GLg<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) November 20, 2022<\/a><\/p>\n<\/blockquote>\n

Before altcoin\u2019s latest price and traded volumes surge, SNM, which debuted with an initial coin offering (ICO) price of $0.16 in 2017, has only been sold above $0.50 on three occasions which are Aug.26 ($0.503), Sep. 12 ($0.707), and Sep. 12 ($0.517). The data also shows that traded volumes also spiked during the same periods.<\/p>\n

\"Altcoin<\/p>\n

Although the altcoin, which has a circulating supply of 44.4 million tokens, is listed on five exchange platforms, data shows that Binance accounted for more than 99% of SNM\u2019s traded volumes on Nov. 20.<\/p>\n

Pump and Dump Claims<\/h2>\n

On Twitter, some users speculated that the altcoin\u2019s activity could indicate that a pump-and-dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:<\/p>\n

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Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.<\/p>\n<\/blockquote>\n

Another user, Andrew Sun, argued that the altcoin\u2019s sudden price and traded volumes surge could be an indication that an identified group had chosen to use SNM for pump-and-dump purposes. Sun tweeted<\/a>: \u201cA 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.\u201d<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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