A Dead Altcoin SNM Suddenly Surges 4,000% Price in The Last 24 Hours.
On Nov. 20, 5:30 a.m. (ET), the price of altcoin SNM soared by over 4,000% to $10.91, with just over $720 million traded within 24 hours.
The sudden surge of SNM
As of Nov. 20, 5:30am (ET), an altcoin named SNM had gone up 4,000% to $6.70, a new high. It had previously traded above one dollar on April 30, 2021.
In less than 24 hours, SNM’s trade volumes increased from just over $1.2 million in the early hours of Nov. 19 to more than $720 million by 8:00 pm (ET), according to Coingecko.com.
Colin Wu, a chinese reporter for crypto news shared this news to his 244.2K Followers, “A dead shitcoin that had an ICO in 2017, SNM, suddenly surged nearly 20x on Binance today. Its official website has not been updated for a long time. The coin is almost exclusively tradable on Binance, but Binance did not delist it,” he said.
A dead shitcoin that had an ICO in 2017, SNM, suddenly surged nearly 20x on Binance tody. Its official website has not been updated for a long time. The coin is almost exclusively tradable on Binance, but Binance did not delist it. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
He added, “Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.”
The average price of SNM, which debuted at $0.16 in 2017, only exceeded $0.50 three times before the recent altcoin surge: Aug.26 ($0.503), Sep. 12 ($0.707), and Sep. 12 ($0.517).
Triggering pump and dump speculation
There was speculation on Twitter that the altcoin’s activity may hint at a pump-and-dump scheme.
“Its OG pump and dump rings being active again. BTC pairs leading the pump is a huge clue,” said one Twitter user.
Another user said, “A pump and dump group has chosen it. They often find dead coins. Ones with with low liquidity and without a perpetual contract that will let people/bot go short on it to do their pump and then dump.”
Some suspected that hackers were using it to cash out, “It’s a way for hacker to cash out money. Hacker account buys the coin. Then pump it with all the hacked accounts. Hacker sells from his account and cash out.”
It's a way for hacker to cash out money.
Hacker account buys the coin.
Then pump it with all the hacked accounts
Hacker sells from his account and cash out.
— Wasong (@Vincentnls) November 20, 2022