A little-known altcoin project has risen more than 70x from the Binance listing today. The altcoin listed on the BUSD pair started the day with 20x gains.
Binance is hosting an interesting altcoin rally today
Sonm (SNM), which offers distributed storage services such as personal computers or servers, has risen to the top of the Binance board. SNM Coin is one of the new BSC-focused protocols. It aims to provide appropriate storage solutions to its customers. This year, moves towards cloud storage solutions came from many companies such as Microsoft, Google and Amazon. Alongside projects such as Filecoin and Arweave, he managed to become one of the prominent names in BSC-based SNM Coin.
Why is Sonm (SNM) rising?
SNM price completed a massive 70x rally on November 20. It was the third most traded cryptocurrency after Bitcoin and Ethereum during the day. Its market value exceeded $100 million in a short time. However, market participants doubt that the rally is speculative. According to rumors on social media, what happened around SNM Coin was a “pump and dump” organization. Individual investors who saw the price rise also contributed to the rally.
Meanwhile, $4.2 million worth of SNM was sold at $3.94, the bottom zone where the rally started. The price of SNM rose more than 2x after the sale reported by whale boats.
What is Sonm (SNM)? Why is it important for the altcoin market?
SONM (SNM) provides customer-grade cloud storage solutions, including personal computers and mining machines. Other options include using someone else’s computing resources or renting devices. Users were able to earn SONM resources using the SNM token. The altcoin project basically provides a global computing platform and real-world applications. It is capable of performing many different tasks such as creating CGI and performing mathematical calculations. Additionally, it functions as a decentralized, international marketplace. It connects customers who want to rent this power for their projects with providers willing to share their idle computing capacity such as laptops, PCs and servers.
SONM provides a viable and cost-effective alternative to cloud products and services, especially using a computing framework. This shared resource pool provides on-demand, unlimited, and efficient processing power. All these factors help SONM to rise and gain in value, adding to the price of SNM. SNM token is currently traded on the world’s largest exchange Binance. cryptocoin.com You can find our detailed guide here.
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