- Overnight, the value of a once-dead project increased by a factor of over 20.
- The official website for SNM hasn’t been updated in years.
- In terms of market capitalization, the project is currently ranked 218.
According to CoinMarketCap, a website that keeps tabs on the cryptocurrency market, SONM (SNM), a crypto project that was thought to be dead, has surged 1,870.15% over the last 24 hours. This means that the current price of SNM is $4.02.
Against the two market leaders in the cryptocurrency space, Bitcoin (BTC) and Ethereum (ETH), SNM’s price has increased by 1,891.79% and 1,879.67%, respectively, over the past 24 hours. Further, the daily range for SNM price was $0.1976 to $4.63.
In addition, the trading volume of the presumed-defunct project has increased by an astounding 20,946.91% in the past day, reaching a whopping $323,179,681. Given the low trading volume, this metric is the best indication of how dormant the project actually was.
With an ICO that began in 2017 and a website that hasn’t been updated in even longer, SNM is currently ranked 218 on CoinMarketCap’s market cap rankings but isn’t doing so hot.
Contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers are two theories being bandied about in the market as possible explanations for SNM’s meteoric rise in price.
When compared to the amount of capital needed to influence the price of more liquid tokens, a trader can significantly increase the price of a token with much less capital when trading an inefficient token.
SNM/USD hourly chart CoinMarketCap is the original source.
The SNM/USDT daily chart reveals that over the course of the last 2 days, the price of SNM has risen from its previous low of $0.1999 to almost reach a new all-time high of $5.
A recent surge in price has sent SNM trading above $4, and the news first appeared on Coin Edition.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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