This Altcoin on Binance First Rises 4300 Percent, Then Crashed 75 Percent: Here’s Why

Within the current bear market SONM (SNM) altcoin After experiencing a huge rise of over 4,000% in the last 24 hours, it has declined by 75 percent.

SONM (SNM) Altcoin Price Climbs From $0.21 to $14: Stolen Cryptocurrency Effect?

According to CoinMarketCap data, SONM (SNM) has gained 2100% compared to the previous day and is trading at $3.27 at the time of writing.

However, the price of this altcoin rose more than 4000% on the day to as high as $13.58.

In addition to the all-time high that SNM’s price has reached, SONM’s trading volume has also increased significantly, surpassing $915 million in the last 24 hours.

Daily chart showing the extraordinary rise of SNM price during the day.

According to the latest CoinMarketCap data, the market value of the project has climbed to $218 million.

SNM ICO was launched in 2017 and over time the official website has not been updated for a long time. However, the developer team describes the project as:

“It offers distributed client-level hardware-based cloud services, including PCs, mining equipment, and servers. You can rent your hardware or use someone else’s computing power for your needs.”

There has been speculation in the market that the massive increase in the price of SNM is the result of a lack of liquidity due to the withdrawal of market makers or contra trading potentially involving stolen coins.

Due to the lack of liquidity, a trader is dealing with much less capital than would normally be required for larger altcoins. cryptocurrency It may have pushed the price up.

On the other hand, it has been seen that most of the BUSD parities on Binance have experienced a serious rise today. This could mean that Binance whales are triggering a move on coins with BUSD pairs.

Before the previous bull seasons started, the coins that had only BUSD parity on Binance in this way had a rapid rise and then the bull season came.

*Not investment advice.

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