Snook crypto (SNK) gains 80% in a single day – know why?

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Snook crypto (SNK) gains 80% in a single day – know why?

 Snook crypto (SNK) gains 80% in a single day – know why?
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Highlights

  • Snook crypto (SNK) jumped 67% over the past 24 hours.
  • The crypto has been rallying since Wednesday, helped by its weekly raffle game, in which winners can earn 200 SNK tokens.
  • Raffle players can earn money through their character skin or NFT characters.

The Snook crypto (SNK) was up 79.67% to US$1.65 on Tuesday morning. It has been rising over the past 24 hours helped by its weekly raffle game, in which players can earn up to 200 SNK tokens. It had launched the game on Nov 14.

What is Snook (SNK)?

Snook is an online multiplayer but also played individually. While the upper case ‘S’ in Snook means the online game, the lower case ‘s’ in snook refers to the game character or NFT.

Snook crypto (SNK) gains 80% in a single day – know why

It is an IO or real-time game in which many people can play at the same time.

Snook is getting popular because of the growing trend of online ‘play-to-earn’ games, in which players can create characters and earn money through them.

Snook characters are NFTs. Players in the game advance by eating whatever they can, avoiding other snooks, or killing and taking other snook’s traits. The advanced level offers players special skins and other traits that are difficult to get.  

The game characters or NFTs can be used for commercial purposes, providing financial opportunities to players. When the players obtain a skin or a trait, they are not paid for the created skin or NFT, but the character skin is recorded as NFT in the name of players that may generate income when there is a buyer for the NFT. 

Hence, “Snook” is a game, “snook” is the game character, while SNK is the crypto token through which snooks/NFT can be minted. 

Also Read: Five metaverse cryptos that are making news

 Snook Crypto (SNK) gains nearly 80% in a single day – know why?

Source - pixabay

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Why is SNK rising today?

Snook started a weekly raffle game on November 14, 2021. The raffle game will continue this year and the weekly prize is up to 200 SNK tokens, the promoters said in a blog post. Snook will select randomly one wallet from the entries every week and declare a winner.

The latest winner was declared on November 21. Although the snook did not survive more than five minutes, it managed to win the raffle money of 200 SNK. 

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Performance of the Token

Although the token has been falling since Sep 17, it bounced back on Wednesday, Nov 22. 

SNK closed at US$1.24 on Nov 22 compared to US$0.7153 on Nov 21, 2021. The trading volume also increased sharply to US$2,640,005 against US$167,615 on the previous day.

The 24-hour trading volume rose to US$3.19 million compared to the previous day’s (November 22) trading volume of US$2.64 million, showing a nearly 20% increase from the prior day. 

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Its self-reported circulating supply is 4,086,085.59 SNK and the total supply is 39,999,375. 

The current market capitalization is US$6,770,402, and the fully diluted market capitalization is US$66,276,600, up 79.43% in the last 24 hours to Tuesday evening.

The token is available for purchase on QuickSwap, Gate.io, and ZT. Snook (SNK) is ranked 2970 on Coinmarketcap.com.

Also Read: Should one rely on cryptocurrencies to generate passive income?

Bottomline

Cryptos are a dynamic digital asset and inherently volatile. Thus, investors must be cautious while investing in crypto assets.

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