SNM is an altcoin that has been around for a while and when it previously hit an all-time high, its value was a bit higher than a dollar.
However, in the past 24 hours, the SNM token has become a headliner in the cryptocurrency industry for achieving a strong rally.
The entire cryptocurrency industry is shocked to see the strong rally the asset has recorded in a matter of 24 hours.
SNM Surges Over 4,000%
A quick look at the trading price of the SNM token in the past 24 hours shows that it has received a major boost.
The asset has recorded over 4,000% price boost in a matter of a day and it currently trades at a high of $6.70. This is the all-time high the digital asset has recorded ever since it made it to the mainnet.
The information has been shared by an on-chain data analytics firm, Coingecko.com.
Trading Volume has skyrocketed
Even the trading volume of the SNM token has skyrocketed in a matter of 24 hours. The report shows that before the rally, the trading volume of the SNM token was at a low of $1.2 million.
Following the rally, the trading volume has spiked to a high of $720 million and it is still rising.
History of SNM Token
It was back in 2017 when the initial coin offering (ICO) for the SNM token was held. At that time, the trading price of the asset was at a low of $0.16. Even the trading volume of the digital asset was quite low.
After that, the only time SNM hit its previous all-time high was back in April of 2021. At that time, its price went as high as $1.03.
Apart from the single surge over the $1.00 mark, the only times SNM’s price experienced surges were on August 26, 2022, and September 12, 2022.
On both occasions, the trading price of the SNM token did not rise over $0.8000. Therefore, it is a great achievement for SNM to rise over the $6 mark all of a sudden, which has also raised many concerns.
As of now, the total supply of the SNM tokens circulating the system is 44.4 million SNM tokens. The asset has been enlisted on five different cryptocurrency exchanges.
When it comes to dominance, Binance has the highest trading volume recorded for SNM. As of November 20, the largest cryptocurrency exchange accounts for 99% of the total trading volume for SNM.
Pump and Dump Fears
Although the token has been around since 2017 many investors are concerned about the sudden surge in the trading price of SNM.
Many investors have even voiced their concerns over Twitter, claiming that the sudden boost in SNM’s trading price is nothing more than a pump-and-dump scheme.
Although SNM is currently looking very promising there is a risk involved with the asset. If the fears of the investors come to life, many people would be left with huge losses.