Data shows that Binance accounted for more than 99% of SNM’s traded volumes on Nov. 20. binance SNM tradevolumes
Before altcoin’s latest price and traded volumes surge, SNM, which debuted with an initial coin offering price of $0.16 in 2017, has only been sold above $0.50 on three occasions which are Aug.26 , Sep. 12 , and Sep. 12 . The data also shows that traded volumes also spiked during the same periods.
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.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
: “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.”
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