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A crypto project that was believed to be dead, SONM (SNM), has surged 1,870.15% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. As a result, the price of SNM stands at $4.02.
Compared to the crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), SNM’s price has strengthened against both leaders by 1,891.79% and 1,879.67% respectively. In addition, the price of SNM set a daily high at $4.63, and had a daily low at $0.1976.
The daily trading volume for the believed-to-be-dead project has also skyrocketed 20,946.91% over the last 24 hours – taking the total to $323,179,681. This statistic is the main indicator of how dormant the project was given the low trading volume.
Ranked at number 218 in terms of market cap according to CoinMarketCap, SNM’s ICO was launched in 2017 and its official website has not been updated in a very long time.
There is speculation circulating in the market that the meteoric rise in SNM’s price is potentially a result of contra trading involving stolen coins, or a lack of liquidity due to the withdrawal of market makers.
The latter will enable a trader to significantly push the price of a token up with a lot less capital than what is required for price movements of tokens with larger amounts of liquidity.
As can be seen by the daily chart of SNM/USDT, the last 2 days have seen the price of SNM surge to almost reach an all-time high of $5 from a low of $0.1999 just before the move.
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