Synthetix (SNX) Price Surges 65% in Last 24 Hours Despite Catastrophe

Synthetix (SNX) Price Surges 65% in Last 24 Hours Despite Catastrophe
  • The token’s 24-hour trading volume has grown by more than 1,200 percent.
  • This fast increase in SNX is backed by the rising daily network traffic due to its new role.

The price of SNX, the native token of Synthetix decentralized finance (DeFi) platform, has rebounded more than 100 percent to usher in the week. SNX has proved to be the token with the highest gain on Monday. The token’s 24-hour trading volume has grown by more than 1,200 percent to $322 million, according to statistics from CMC.

SNX/USDT: Source: TradingView

Gaining Investor’s Attention Over Significant Coins

This shows that investors are putting money into the token despite its dismal performance last week since it was placed up for bid. Additionally, this fast increase in SNX is backed by the rising daily network traffic due to its new role.

Synthetix is a Layer-2 scaling solution that enables on-chain exposure to a broad range of crypto and non-crypto assets. It has joined with liquidity provider Curve Finance to launch Curve pools for sETH/ETH, sUSD/3CRV, and sBTC/BTC, enabling investors to convert synthesizers such as sETH to Ether (ETH) at more competitive costs.

The Synthetix token is trading for $2.96 at the time of writing, a 65 percent rise over the last 24 hours. The new price hike has benefited the token in wiping its deficit from the continuing market catastrophe.

SNX’s price rise isn’t only due to Bitcoin’s positive opinions at the beginning of the week but also to investors’ desire to hold tokens rather than instruments and the protocol’s potential to create more than $1 million in trading fees, five times larger than BTC’s daily performance.

The protocol now supports synthetic fiat currencies, cryptocurrencies, and commodities. According to CMC, the Synthetix price today is $2.94 USD with a 24-hour trading volume of $476,526,193 USD. Synthetix has been up 65.41 percent in the past 24 hours.

Recommended For You:

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.