The native token of Synthetix Decentralized Finance (DeFi), which traded at a price SNX on the weekend, plunged below $18,000 to close the weekend, but has since gained over 100% to welcome in the 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.
This is a sign that investors are investing money in the token, despite it’s poor performance over the last week. This sudden growth of SNX can be attributed to the increased daily network volume that has resulted from its new function.
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Synthetix, a Layer-2 Scaling solution provides exposure to multiple crypto and non-crypto assets on-chain. 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
At the time of writing the Synthetix token was selling for $3.05, which is a 50% increase on the previous 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 can be created when token holders pledge their SNX using Mintr. Mintr allows users to securely exchange with Synthetix contract participants. Currently, the protocol supports synthetic fiat currencies, cryptocurrencies, and commodities.
SNX No. No. 87 In The Global Rankings
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 almost 20,000 cryptocurrencies listed, SNX crypto ranks No. 87 spot. You can trade the SNX cryptocurrency on exchanges like Binance or Uniswap.
With its current valuation of $879 billion rising 8.5% over the prior day, it is beginning to show signs that cryptocurrency markets are on the rise. It is important to realize that crypto markets as a whole are experiencing extreme instability.
Featured image by Cryptona. Chart from TradingView.com
