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Altcoin SNM’s 4,000% Value Surge in 24 Hours Fuels Pump and Dump Claims – Altcoins Bitcoin Information

The buying and selling worth of the altcoin SNM immediately 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 information, in slightly 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).

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 bought 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.

Altcoin SNM's 4000% Price Surge in 24 Hours Fuels Pump and Dump Claims

Though the altcoin, which has a circulating provide of 44.4 million tokens, is listed on 5 change 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 could possibly 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 useless cash. Ones with low liquidity and and not using a perpetual contract that can let individuals/bot go quick on it to do their pump after which dump.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

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