bitcoin
Bitcoin (BTC) $ 16,895.84
ethereum
Ethereum (ETH) $ 1,242.07
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.83
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 0.999844
xrp
XRP (XRP) $ 0.389590
dogecoin
Dogecoin (DOGE) $ 0.100187
cardano
Cardano (ADA) $ 0.319474
matic-network
Polygon (MATIC) $ 0.905069
polkadot
Polkadot (DOT) $ 5.50
staked-ether
Lido Staked Ether (STETH) $ 1,226.99
okb
OKB (OKB) $ 21.80
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 75.81
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.053725
solana
Solana (SOL) $ 13.30
uniswap
Uniswap (UNI) $ 6.10
avalanche-2
Avalanche (AVAX) $ 13.53
chainlink
Chainlink (LINK) $ 7.25
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,832.56
leo-token
LEO Token (LEO) $ 3.79
cosmos
Cosmos Hub (ATOM) $ 10.04
ethereum-classic
Ethereum Classic (ETC) $ 19.24
the-open-network
The Open Network (TON) $ 1.80
monero
Monero (XMR) $ 144.09
stellar
Stellar (XLM) $ 0.086661
bitcoin-cash
Bitcoin Cash (BCH) $ 110.21
quant-network
Quant (QNT) $ 127.69
algorand
Algorand (ALGO) $ 0.237912
crypto-com-chain
Cronos (CRO) $ 0.063815
filecoin
Filecoin (FIL) $ 4.41
apecoin
ApeCoin (APE) $ 3.89
near
NEAR Protocol (NEAR) $ 1.68
vechain
VeChain (VET) $ 0.019046
hedera-hashgraph
Hedera (HBAR) $ 0.047856
internet-computer
Internet Computer (ICP) $ 4.13
flow
Flow (FLOW) $ 1.08
terra-luna
Terra Luna Classic (LUNC) $ 0.000175
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.45
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.919012
trust-wallet-token
Trust Wallet (TWT) $ 2.40
tezos
Tezos (XTZ) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.578133
aave
Aave (AAVE) $ 62.80
chiliz
Chiliz (CHZ) $ 0.165786
theta-token
Theta Network (THETA) $ 0.883773
huobi-token
Huobi (HT) $ 6.73

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

0

- Advertisement -


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’s 24-hour trade volume stood at just over $720 million. The altcoin’s abrupt price 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 only previously traded above one dollar on April 30, 2021, went up by more than 4,000% to $6.70 — a new all-time high — on Nov. 20, 5:30 a.m. (ET). According to coingecko.com data, in just under 24 hours SNM’s 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).

Before altcoin’s 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.

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

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’s traded volumes on Nov. 20.

Pump and Dump Claims

On Twitter, some users speculated that the altcoin’s activity could indicate that a pump-and-dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:

Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.

Another user, Andrew Sun, argued that the altcoin’s 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 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.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence 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.



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: 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 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.

More Popular News

In Case You Missed It



Source link

- Advertisement -

Leave A Reply

Your email address will not be published.

Shares