76 total views
The sudden increase and decrease in price has prompted many speculations that SNM is having the influence of one or more market-making groups.
The trading price of altcoin SNM suddenly increased by more than 5,000% to $10.91 on November 20 with a 24-hour trading volume of over $720 million.
Before November 20, SNM was only trading at $0.20. But the next day, the price of SNM suddenly jumped more than 5,000% and created an ATH at $10.8. According to data from CoinGecko, in less than 24 hours, the trading volume of SNM increased from over $1.2 million at 16:02 on 11/19 to over $720 million at 8:00 on the 20th. /11.
It is worth mentioning, this token is considered a shitcoin, having done ICO in 2017. Its official website has not been updated for a long time. The coin is almost exclusively tradable on Binance, and Binance did not delist it. Before the latest spike in price and trading volume, SNM launched with an ICO price of $0.16 in 2017 and only sold above $0.50 on three occasions, August 26 (0.503). dollars), September 12 ($0.707), September 12 ($0,517).
Although the altcoin has a circulating supply of 44.4 million tokens, which are listed on five exchange platforms, data shows that Binance accounted for over 99% of trading volume on Nov.
On Twitter, some users speculated SNM activity could indicate a pump & dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:
“Not sure if it was a reciprocal transaction involving stolen coins or a lack of liquidity due to market makers withdrawing?”
Another argues that a spike in price and trading volume could be a sign that some group has chosen to use SNM for pump & dump purposes. Sun tweeted:
“A pump & dump team picked this altcoin. They often look for dead coins. Those with low liquidity and no perpetual contract allow people/bots to short it to pump and then dump.”
#SNM #price #pumped #x50 #Market #Maker #hours