Is SNM coin a good investment?
Is SNM coin is a good investment if you are planning for the middle term.
SONM is a platform that provides cloud services depending upon the distributed customer-level hardware, such as mining equipment and PCs. Users can either use someone else’s computing power or can rent their hardware.
SNM Latest Updates
The current market price of SNM is $0.75 and has decreased by nearly 8% in 24 hours. One week ago, its price was $1.32, meaning that it declined by 37.9% in 7 days.
SONM is indeed a global computer platform that can perform numerous jobs including rendering CGI and mathematical calculations. However, its declining price is a concern now.
One of the reasons that could be behind this decline is the non-development of the platform since its launch. It is said that SONM got $42M from ICO and funds were not used for developing the platform.
To read about the latest findings on SNM regarding the above-mentioned point, you can visit this Twitter account- Rekt Fencer.
However, it will be interesting to see the future price movements of SNM crypto.
To answer “Is SNM coin a good investment?”, we need to consider various factors, such as its competitors, its unique features and its price movements. Let’s discuss these, one by one:
Is SNM coin a good investment? Competitor analysis
Two notable competitors of SONM are Flux and Render Token. Let’s have a thorough analysis of SONM with its competitors.
Render Network aims to revolutionize the process of digital creation. Render Token (RNDR) is the native token of Render Network and is built on the Ethereum blockchain.
It aims to connect the artists who are in need of a Graphic Processing Unit with the people who have sufficient GPU capabilities to rent them. RNDR is the token used by those artists in exchange for the GPU from the GPU providers. It makes use of the combined automatic and manual proof of work system to verify if all the art is rendered before the payment and the release of that art.
Flux is the cloud infrastructure platform which is fully decentralized and aimed to build the largest decentralized computational network. Flux already had 13,500 nodes, and 98,000 CPU cores and offers 272 terabytes of RAM and 6 petabytes of storage.
Flux has been developing proof of Useful Work (PoUW) which is one of the crucial projects of Flux with the aim to transform “Proof of Work Blockchains”.
Is SNM coin a good investment? Price analysis of SONM’s competitors:
Its price one month ago was $0.50 meaning that the price has decreased by nearly 11% in one month.
On the other hand, the current market price of Flux is $0.45 and is up by nearly 8% in the last 24 hours. As we can see from the graph ahead, one month ago, FLUX was priced at $0.69. It means that FLUX has decreased by 53% in one month in comparison to a 73% hike in SONM’s price over a month.
Is SNM coin a good investment? How are these different from SONM?
|Major audience||Customers who are in need of computing powers and suppliers who have spare computing resources||artists who are in need of a Graphic Processing Unit and people who have extra GPU capabilities to rent.||Individuals looking for a cloud infrastructure platform.|
|Blockchain on which it is operating||Ethereum||Ethereum||Flux|
|Categories||GPU, computational power, video rendering, web hosting and Machine Learning.||GPU||Cloud infrastructure|
|Performance in the last 7 days||+81%||-8.8%||-2.2%|
|Performance is the last 1 year||+52%||-94%||-77%|
Reports suggest that the cloud computing industry is expected to grow at a CAGR of 15.7% by 2030. Data says that the demand for computational power can increase by 41% by the end of 2025. Hence, all cloud computing services can see growth in the coming years.
We can see that SNM has certainly performed better as compared to its competitors for a year. SNM’s market price is increasing for a year and can continue to increase with the increasing demand for cloud services.
Another interesting fact regarding SONM is that it provides a massive pool of GPU machines that can be used to run training on GPU. In other words, SONM consists of hardware which is optimized to scale up and speed up machine learning workloads for training.
Users can speed up their machine-learning applications with the help of SONM’s GPU. This additional quality gives SONM a competitive edge over its competitors.
Its cost-efficient and global distribution make SONM a good alternative for cloud solutions. SONM allows individuals to use enormous amounts of computing services depending on their requirements.
Also Read: SNM Price Prediction
Is SNM a good investment? What are the distinctive features of SONM?
- SONM is an excellent alternative to cloud solutions because it is more cost-efficient.
- The platform has real-world applications, including scientific calculations and CGI rendering.
- SONM combines the global market of mining with the market of calculation with the use of cloud providers.
- The platform can facilitate a wide variety of tasks including mining, video rendering and site hosting etc.
- It helps users to select the correct amount of computing power according to their requirements.
The demand for cloud services will increase and hence, SONM’s utility might increase further. Data suggest IT companies will be up by nearly 40% in the next three years. It is estimated that 2/3rd of the spending on application software will be through cloud computing only, by the end of 2025.
Therefore, upon analyzing the price movements and the competitors, we can safely say that SONM is a good investment if you are planning for the middle term.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.