Synthetix (SNX) is a hot topic in the crypto market with speculative predictions suggesting potential price surges up to
$5 by 2024. The rising interest in SNX is partly due to its recent innovations meant to enhance cross-chain liquidity and enable efficient SNX staking. SNX's introduction of its new dapp chain, the
SNAXchain, signifies a significant milestone in its journey towards achieving cross-chain liquidity. There are concerns about its trading volume sustainability despite its volume overtaking GMX after a liquidity deal renewal with
Jump Crypto. However, the digital token gained 14% after that deal. The launch of the new rewards program by DeFi project Lyra also catalyzed a jump in the SNX token. As interest in Bitcoin wanes, investors are turning to alternative coins, with SNX being one of them. However, it is projected there could be a downside correction in SNX coin. Despite its recent removal from Grayscale's mixed crypto funds, SNX remains pivotal in the crypto market. Institutional investors also express interest, with
DWF Labs injecting $20M in the synthetic derivatives trading platform. Nonetheless, Synthetix has faced challenges, such as an exploit by a sophisticated trading bot, but the impacted funds were recovered.
SNX Coin News Analytics from Wed, 05 Dec 2018 13:19:47 GMT to Fri, 13 Sep 2024 07:00:00 GMT -
Rating 5
- Innovation -3
- Information 7
- Rumor 2
