SNM trading above $4 after rising in the last 24-48 hours by CoinEdition

SNM Trading After Rising Above $4 In Last 24-48 Hours A project that was once thought dead has surged more than 20 times in market cap.

A crypto project presumed dead, SONM (SNM), is up 1,870.15% in the past 24 hours, according to crypto market tracking website CoinMarketCap. As a result, SNM is priced at $4.02.

Compared to the crypto market leaders (BTC) and (ETH), the price of SNM has increased by 1,891.79% and 1,879.67% against both market leaders, respectively. Furthermore, the price of SNM hit a daily high of $4.63 and a daily low of $0.1976.

Daily trading volume for the presumed-dead project has also skyrocketed by 20,946.91% in the last 24 hours – bringing the total to $323,179,681. This stat is the main indicator of how dormant the project has been given the low trading volume.

Ranked 218th in terms of market cap according to CoinMarketCap, SNM’s ICO was launched in 2017 and its official website hasn’t been updated in a very long time.

Speculation is circulating in the market that the meteoric rise in SNM price may be due to contra-trading on stolen coins or a lack of liquidity due to market makers pulling out.

The latter allows a trader to drive the price of a token significantly higher with much less capital than is required for price movements of tokens with larger amounts of liquidity.

Daily chart for SNM/USDT Source: CoinMarketCap

As can be seen from the daily chart of SNM/USDT, the price of SNM has surged from a low of $0.1999 just before the move to almost an all-time high of $5 over the past 2 days.

Disclaimer: The views and opinions and all information shared in this price analysis are published to the best of our knowledge and belief. Readers must do their own research and due diligence. Any action taken by the reader is entirely at your own risk. Coin Edition and its affiliated companies shall not be liable for any direct or indirect damage or loss.

The post SNM Trading Over $4 After Surging Over the Last 24-48 Hours appeared first on Coin Edition.

See original on CoinEdition