Is SNM’s 4000% surge evidence of another market pump and dump? Assessing…

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The price of the SNM altcoin, surged by 4,545% on 21 November. The alt was seen exchanging hands at $10.91 — its all-time high. The altcoin’s trading volume rose from $1.2 million to $720 million in the span of just one day. This sudden rise in fortunes cannot be easily explained, given that this phenomenon […]

The price of the SNM altcoin, surged by 4,545% on 21 November. The alt was seen exchanging hands at $10.91 — its all-time high. The altcoin’s trading volume rose from $1.2 million to $720 million in the span of just one day.This sudden rise in fortunes cannot be easily explained, given that this phenomenon was taking place amid a crypto market crash following FTX’s collapse. In related news, SNM had only previously traded above $1 on 30 April, 2021.

The sudden surge in the fortunes of SNM amidst a crypto crash was being attributed to various ulterior motives. Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.Mr Peanutbutter, a Twitter user, responded, “Pump & Dump group making the most of those scamcoins from BSC that got a free pass to Binance back in the days.” He added that such items should be “cleaned for a Binance regulatory compliance.”

 

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