As Uptober continues to drive a surge in on-chain crypto prices, markets remain defiant despite wider risk concern stemming from the conflict between Israel and Hamas – and now in the latest move Snorlax token (SNOR) has exploded +500%.
Recent weeks have seen a huge trend in explosive DEX-launched tokens, with countless pump-and-dump moon-shots, including BDOGE, APX, FTX, Blinky, DRS and шайлушай.
Traders on crypto Twitter have been invigorated by the promise of high liquidity – and this has supercharged price action.
SNOR Price Analysis: Snorlax Crypto Price Surges +500% in Israel Risk-Off Defiance
As price rockets high, Snorlax token is currently trading at a market price of $0.0003510 (representing a 24-hour change of +688%).
This comes as the Pokemon-themed token – a tongue-in-cheek reference to the unmovable giant Snorlax character – launched less than 24-hours ago at 13:00 on October 9.
Limited marketing and next-to-no presence on social media saw a slow opening 3-hours for SNOR, with growth limited to a moderate +50% move.
However, at 16:00 the chart came to life, with a sudden influx of volume driving a dramatic +72% uptick in just one hour.
Eagle-eyed DEX traders, poised on-chain to detect spikes in the market, flooded into the project over the next 3-hours in a massive flood of more than $985k in volume.
Price action shifted into moon-shot form, as SNOR crypto price surged +440% to hit an all-time high at $0.000475.
In the hour since, price has entered -7.5% localised retracement, but with an army of 250 holders emerging and a lowly market cap at $390k – everything is to play for as a good entry emerges.
An upside move here could see price rocket up to hit the ATH at $0.000475 again (a potential +35.55%).
While short-time frame risk could see SNOR fall back down to $0.0001875 (a possible -46.49%).
This leaves SNOR with a risk: reward ratio of 0.76 – an entry that could benefit from further retracement.
But while DEX trades are balancing huge risks, an emerging Bitcoin mining presale is breaking out as one of the biggest crypto presales of October 2023.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.