Here’s Why Synthetix (SNX) Price Skyrocketed By 100%

Ashish Kumar
June 20, 2022
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Synthetix SNX

The native token of Synthetix Network, SNX has turned out to be the day’s biggest gainer. The Synthetix token’s price has jumped by a whopping 100% in the last 24 hours. This sudden surge is baked by the increased network daily volume due to its new provided feature.

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SNX 24 hr trading vol up by 1200%

Synthetix, a derivative liquidity protocol provider, in a series of threads mentioned that their “Atomic Swaps” feature is the key. The platform has been recording more than $200 million in daily volume. It added that swaps on 1inch and Curver finance protocols average around $100 million each in daily volume.

According to CoinMarketCap, the SNX token’s 24 hour trading volume has skyrocketed by over 1200% to stand at $322 million. The Synthetix token is trading at an average price of $3.04, at the press time. The recent price jump has helped the token clear its past deficit caused by the market crash. SNX’s price is up by 50% in the last 7 days.

The SNX team worked with Curve Finance closely to make Curve pools for ssETH/ETH, sBTC/BTC and sUSD/2CRV. This helped the network to provide derivatives tokens. Meanwhile, Synthetix’s atomic exchange checks the live price on Uniswap and then compares it with the Chainlink. This is done in order to make sure that the current price shouldn’t be lagging. However, Synthetix added that integration with the 1inch has been driving a lot of volume to them lately.

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Celsius holds 6.6 million Synthetix tokens

According to Coinglass, the annualized funding rate of SNX has exceeded -200% amid the price surge. This indicates that big shorts might be on the way. An expert cautioned the on chain lenders like Aave protocol, suggesting them to pause the borrowing or use of SNX as collateral. It mentioned that the Celsius Network is holding around 6.6 million of the SNX tokens in its wallet. These tokens can be used to mint sUSD or borrow funds in the coming time.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.