Synthetix (SNX) Price, Monday’s Biggest Gainer, Balloons By 100% – Here’s Why
June 20 2022 - 09:44AM
NEWSBTC
After plunging below $18,000 over the weekend to trade at a price
of SNX, the native token of Synthetix decentralized finance (DeFi)
platform, has gained more than 100% to usher in the week. SNX has
proven to be the stock with the biggest rise on Monday. The token’s
24-hour trading volume has increased by more than 1,200% to $322
million, according to data from CoinMarketCap. This indicates that
investors are pouring money into the token despite its poor
performance last week, as it has been put up for bid. Additionally,
this abrupt growth in SNX is supported by the increasing daily
network volume as a result of its new function. Suggested Reading |
Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking
Crypto Market Synthetix is a Layer-2 scaling solution that provides
on-chain exposure to a wide variety of crypto and non-crypto
assets. It recently partnered with liquidity provider Curve Finance
to create Curve pools for sETH/ETH, sUSD/3CRV, and
sBTC/BTC, allowing investors to convert synths such as sETH to
Ether (ETH) at more affordable rates. Synthetix Token Climbs By
Half In Seven Days The Synthetix token is selling at $3.05 at the
time of writing, a 50 percent increase over the past week. The
latest price increase has assisted the token in erasing its deficit
from the ongoing market meltdown. The price
increase of SNX is not only attributable to optimistic perceptions
surrounding Bitcoin at the start of the week, but also to
investors’ eagerness to hold tokens instead of synths and the
protocol’s ability to generate more than $1 million in trading
fees, five times greater than BTC’s daily performance. When token
holders pledge their SNX as collateral using Mintr, a decentralized
platform for engaging with Synthetix contracts, synthetic assets
are created. Currently, the protocol supports synthetic fiat
currencies, cryptocurrencies, and commodities. SNX At No. 87 On The
Global Rankings The Synthetix coin is trading slightly over its
52-week low. Any decrease in the price of Bitcoin could cause the
price of SNX to decrease as well. Among the almost 20,000
cryptocurrencies, SNX crypto is listed on the No. 87 spot. The
SNX cryptocurrency can be traded on crypto exchanges such as
Binance and Uniswap. The cryptocurrency market is showing signs of
revival, as its valuation increased by 8.5% from the previous day
to reach $879 billion. However, it is essential to recognize that
the crypto market as a whole is experiencing a moment of tremendous
instability. Featured image from Cryptona, chart from
TradingView.com
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