In the midst of a bear market, SONM (SNM) cryptocurrency has seen a meteoric rise of more than 4,000% in 24 hours.
According to CoinGecko data, the SONM (SNM) cryptocurrency is trading at $8.12, after surging more than 4,000% between November 21-22.
Meanwhile, SONM’s price has increased by more than 5,000% in the last 7 days. On November 14, SNM was trading at $0.15 and on November 21, the crypto reached an all-time high of $10.91.
After hitting an all-time high, SONM price has pulled back slightly and is now trading at $8.07 at the time of writing.
SONM is dazzling, but what is this project about?
Besides the all-time high price of the SNM token, the trading volume also saw a huge rise, crossing $657 million in 24 hours.
SONM ranks 218th by market capitalization. However, after the recent rally, the coin has now managed to climb to the 88th position in this cryptocurrency ranking.
The SNM ICO was launched in 2017 and over time its official website has become less responsive. In fact, the web page has not been updated for a long time. However, the developer team highlighted That the project is still under development:
“SONM provides distributed hardware-based cloud services at the client level, including through personal computers, mining equipment, and servers. You can rent your own hardware or use someone else’s computing power to meet your needs.
Always use caution
Despite SONM’s exorbitant growth, it is important that investors are not blown away by the token’s performance.
The exact reason for the rise in SNM prices is not yet known, so it is still necessary to analyze the fundamentals and assess the clarity and seriousness of the project.
This will prevent you from falling into a scam, scam or other action that could result in losing money, as was the case a year ago with Notorious SQUID icona scam par excellence successfully surfed the Squid game series.
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