The trading price of altcoin SNM suddenly increased by more than 4,000% to $10.91 on November 20, 5:30 am (ET), when the coin’s 24-hour trading volume was just over $720 million. The sudden surge in altcoin prices has fueled speculation that altcoins are being targeted by pump-and-dump groups.
Binance Dominates Altcoin Trading Volume
SNM, an altcoin, which previously only traded above one dollar on April 30, 2021, rose more than 4,000% to $6.70 – a new all-time high – on November 20, 5:30 am (ET). According to coinecko.com datain just 24 hours SNM’s trading volume has surged from just over $1.2 million in Nov. 19, at 04:02 am to over $720 million by 20:00 (ET).
The dead shitcoin that had an ICO in 2017, SNM, suddenly rose almost 20x on Binance today. Their official website has not been updated for a long time. Coins can almost exclusively be traded on Binance, but Binance does not exclude them. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
Before the latest price and trading volume of altcoins increased, SNM, which debuted with an initial coin offering (ICO) at a price of $0.16 in 2017, only traded above $0.50 on three occasions on August 26 ($0.503), 12 September ($0.707). ), and September 12 ($0.517). The data also shows that trade volume has also increased during the same period.
Although the altcoin, which has a circulation of 44.4 million tokens, is listed on five exchange platforms, data shows that Binance accounted for more than 99% of SNM’s trading volume on November 20.
Pump and Dump Claims
On Twitter, some users speculated that the altcoin activity could indicate that a pump-and-dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:
Not sure if the counter trades involve stolen coins or lack of liquidity due to withdrawal from market makers.
Another user, Andrew Sun, said that the altcoin’s sudden rise in price and trading volume could be an indication that an identified group has chosen to use SNM for pump-and-dump purposes. Sun tweeted: “The pump and dump group has chosen. They often find dead coins. Those with low liquidity and without continuous contracts that would allow people/bots to be short to do the pumping and then dump.
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