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Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims

Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump ClaimsThe trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin’s 24-hour trade volume stood at just over $720 million. The altcoin’s abrupt price surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group. Binance Dominates the Altcoin’s Trade […]

Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims

The trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin’s 24-hour trade volume stood at just over $720 million. The altcoin’s abrupt price surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group.

Binance Dominates the Altcoin’s Trade Volumes

SNM, an altcoin, which had only previously traded above one dollar on April 30, 2021, went up by more than 4,000% to $6.70 — a new all-time high — on Nov. 20, 5:30 a.m. (ET). According to coingecko.com data, in just under 24 hours SNM’s trade volumes had surged from just over $1.2 million on Nov. 19, at 04:02 a.m. to over $720 million by 8:00 p.m. (ET).

Before altcoin’s latest price and traded volumes surge, SNM, which debuted with an initial coin offering (ICO) price of $0.16 in 2017, has only been sold above $0.50 on three occasions which are Aug.26 ($0.503), Sep. 12 ($0.707), and Sep. 12 ($0.517). The data also shows that traded volumes also spiked during the same periods.

Altcoin SNM's 4000% Price Surge in 24 Hours Fuels Pump and Dump Claims

Although the altcoin, which has a circulating supply of 44.4 million tokens, is listed on five exchange platforms, data shows that Binance accounted for more than 99% of SNM’s traded volumes on Nov. 20.

Pump and Dump Claims

On Twitter, some users speculated that the altcoin’s activity could indicate that a pump-and-dump scheme is underway. Chinese crypto journalist Collin Wu tweeted:

Not sure if it is a contra trading involving stolen coins or a lack of liquidity due to the withdrawal of market makers.

Another user, Andrew Sun, argued that the altcoin’s sudden price and traded volumes surge could be an indication that an identified group had chosen to use SNM for pump-and-dump purposes. Sun tweeted: “A pump and dump group has chosen it. They often find dead coins. Ones with low liquidity and without a perpetual contract that will let people/bot go short on it to do their pump and then dump.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Altcoins Archives – Bitcoin News

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Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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