A fog computing framework was used to create SONM, a potent distributed global general-purpose computing system. Because it uses a fog computing structure as opposed to cloud solutions and services, it is a viable option.
Instead of using cloud services, those who use processing power in SONM receive more affordable options. A native token of SONM is SNM.
On November 20, 2022, the price of SNM peaked at $ 4.29, marking the day that SONM hit its all-time high. SNM has recently exhibited extreme volatility. In the previous 30 days, SONM noted 16 green days.
SNM had last traded above $1 on April 30, 2021. On November 20, 2022, the price of SNM peaked at $6.70, marking the day that SONM hit its all-time high setting a new record as it increased by more than 4,000%. Data from Coingecko.com show that SNM's trading volumes increased dramatically in less than 24 hours from slightly over $1.2 million on Nov. 19, at 04:02 A.M. at 8:00 P.M., to nearly $720 million.
A dead shitcoin that had an ICO in 2017, SNM, suddenly surged nearly 20x on Binance tody. Its official website has not been updated for a long time. The coin is almost exclusively tradable on Binance, but Binance did not delist it. https://t.co/TSaEM36GLg
— Wu Blockchain (@WuBlockchain) November 20, 2022
SNM, which started with an initial coin offering (ICO) price of $0.16 in 2017, had only ever been sold above $0.50 on three times, on August 26 ($0.503), September 12 ($0.707), and September 12 ($0.517), before to the recent spike in altcoin prices and traded volumes. The data also reveals that trade volumes increased at the same times.
Despite being listed on five exchange platforms, the alternative coin, SNM, has a circulating supply of 44.4 million tokens. However, data shows that on November 20, Binance accounted for more than 99% of SNM's traded volumes.
Pump and Dump Scheme
Some individuals on Twitter conjectured that the altcoin's behavior might be a sign of a pump-and-dump plan. Collin Wu, a Chinese cryptojournalist, tweeted:
Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.
— Wu Blockchain (@WuBlockchain) November 20, 2022
Another user, Andrew Sun, asserted that the sudden increase in the altcoin's price and traded volume might be a sign that a known organization has decided to use SNM for pump-and-dump strategies. Sun tweeted out:
A pump and dump group has chosen it. They often find dead coins. Ones with with low liquidity and without a perpetual contract that will let people/bot go short on it to do their pump and then dump.
— Andrew Sun (@andrewsun_83) November 20, 2022
