beincrypto.com
In the middle of the bear market Currently, SONM (SNM) has experienced a meteoric price increase of more than 8,000% in 24 hours.
According to TradingView data, SONM (SNM) was quoted over $13 on Binance, experiencing an increase of more than 8,000% in 24 hours.
At the same time, the price of SONM increased more than 8,000% till Nov. 20. On Nov 14, SNM was trading at $ 0.15 and on Sunday, it reached a record high of $13.
After reaching its all-time high, the price of SONM has dropped more than 90% and is trading at $1.12 at the time of publication.
SONM recorded impressive numbers, but what is SNM?
In addition to the historical maximum reached by the SNM price, the volume of trading SONM also experienced a significant rebound,surpassing the $657 million mark.
SONM was ranked 88 in terms of market capitalization. However, after the 90% crash, it is at number 344 in the ranking of cryptocurrencies.
The SNM ICO was launched in 2017, the developer team quotes the project:
“Provides cloud services based on distributed customer level hardware including PC, equipment mining and servers. You can rent your hardware or use someone’s computing power for your needs”
Always exercise caution
Despite the exorbitant increase experienced by SONM, It is important that investors do not be dazzled by the figures recorded by this type of token. After the crash of more than 90%, it is not necessary, the coin will reclaim its all-time highs once again.
The cause of the SNM price increase is not exactly known, neither is the dump. So always It is vitally important to analyze the fundamentals and assess the clarity and seriousness of the project.
In this way, you can avoid falling into any type of scam, rug pull, or another action that can generate a loss of money, as happened a year ago with the infamous SQUID token.