Cryptocurrencies, which are thought to be an important part of our lives in the future, are getting more and more popular day by day. However, recently, there has been a big drop in the market, especially after what happened on the FTX stock market. This caused Bitcoin to regress to 16 thousand levels.
Even so, there are still emerging cryptocurrencies. Perhaps the most striking of these is SNM, which has gained high value in the last 24 hours. SNM, the token of the SONM platform, has increased by close to 5,000% in the last 24 hours. The cryptocurrency, which is traded at $0.20 at night, is hovering around $10.01 at the time of writing this news.
What is SNM Coin, why is it rising?
SNM, which is also traded on Binance, belongs to the SONM platform as we mentioned. SNM was launched in 2017 by Alexei Antonov and Sergei Ponomarev. According to Uzmancoin, the project, which provides decentralized cloud service and collected $42 million in funds from token sales in its first year, offers users the opportunity to rent or use their equipment. It is also reported that the platform is very active and used by many people.
So why has SNM increased so much in the last hours? The reason for this is currently unknown. We see that no announcement has been made about the project in recent days. So there is no information about why it has risen so much. Let’s also add that the market value of SNM has increased to 444 million dollars, and the total supply and circulating supply is 44 million 400 thousand SNM.
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