.. and dump again! (SNM)

4 comments0 reblogs
avatar of @bengy
@bengy5 months ago
LeoFinance Badge
3 min read

Hmmmm, SNM seems to be the gift that keeps on giving... it is some really obscure coin that I have lying around on my Binance account that I must have bought years ago... and it has just sat there just taking up space on my screen and otherwise not doing much. Occasionally, I would shunt it into a savings product to collect some interest, but otherwise, I never really thought enough of it to move it into self-custody. Just one of many long-shot alts that I have no real attachment to, but I buy on the off-chance that the irrational market does something like a huge move...

Earlier in 2022, it made a stupidly huge move... not entirely sure what was behind it... I think that there was a token re-denomination that led to some serious misunderstanding to what the tokens were worth depending on which platforms they were being stored on. Anyway, that one led to a 100x pump and dump that was quite handy to take advantage of... of course, there is always the slight apprehension that you are missing out on some critical important piece of news that actually means that it IS worth buying... but I couldn't figure out anything, and to be perfectly honest, SNM isn't one of my high-conviction tokens.

So, getting of a plane this morning... I was sort of surprised to see that SNM had done a huge pump again.. jumping from around 0.4 to 1.75 USD. And again, there only seemed to be some news of a partnership with NEBL. Nothing that was that interesting... but there was a huge twitter retweet campaign going on. So, I figured that this was yet another pump and dump... and I took the chance to quickly dump a batch, set up sell orders layered all the way up as high as Binance would let me go, and then kept the rest for a moonbag... just in case I was really wrong!

I have started to look into exactly why it is that SNM might be so prone to pump and dumps. Apparently, the fully circulating supply is part of that... everything is already circulating, and so it is relatively easier for whales to slowly accumulate without the complication of being diluted with a ongoing emission and unlock schedule.

Weirdly enough, it appears that they list the BSC contract address instead of the Ethereum one... and that builds less confidence for me. BSC (despite the backing of Binance) is more like an EVM sidechain of the Ethereum mainnet than a true Layer 1.

.. and honestly, whoever wrote this description deserves to be fired. Fog Computing... really? This sort of description is why I'm not completely high-conviction about this project... sure, the actual use case would be interesting... but it is a horrifically poop description about the project.

Anyway, in the hours since I landed and dumped tokens, well... unsurprisingly, SNM has dived down again towards the 1 USD mark and I expect that it will plummet further.. but if I'm lucky, there will be some dead cat bounces if whoever it is that is behind this manages to keep the social media hype going. But this seems like it isn't going to have the same legs at that crazy pump from 2022! Pity...

Image from thread

I can also be found cross-posting at: Hive Steem Publish0x

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto! Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products. GMX.io: Decentralised perpetual futures trading on Arbitrum! Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers! Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful! CoinList: Access to early investor and crowdsale of vetted and reserached projects. Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.

Posted Using LeoFinance Beta