After falling below $18,000 on Saturday to trade at a cost of SNX (Synthetix) the native token has more than 100% to herald the new week.
SNX was the stock that saw the largest rise Monday. The token’s 24-hour trading volume has increased by more than 1,200% to $322 million, according to data from CoinMarketCap.
It is clear that the token has received a lot of investment, despite it’s poor performance over the last week. The new function has supported an increase in daily network traffic, which supports this sudden rise in SNX.
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Synthetix provides Layer-2 exposure on the blockchain to many crypto assets and other 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
Synthetix’s token sells at $3.05 as of this writing. This is 50 percent more than the price it was last 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.
Synthetix contracts are made when token owners pledge their SNX to Mintr. Mintr is a decentralized platform that allows them to engage with Synthetix contracts. Currently, the protocol supports synthetic fiat currencies, cryptocurrencies, and commodities.
SNX No. Global Rankings: 87
The trading volume of Synthetix coins is slightly above its 52 week low. SNX could also be affected by a drop in Bitcoin’s price.
Among nearly 20,000 cryptocurrencies on offer, SNX cryptocurrency is the top-ranked. 87 spot. The SNX cryptocurrency is available for trading on crypto exchanges, such as Binance.
As the cryptocurrency market shows signs of recovery, its value has risen by 8.5% to $879 billion. But it’s important to acknowledge that the entire crypto market is in a period of extreme instability.
Featured Image from Cryptona. Chart from TradingView.com