After plunging below $ 18,000 over the weekend to trade at the SNX price, the original token of decentralized financial platform Synthetix (DeFi), has earned more than 100% to start the week.
SNX has proven to be the stock with the biggest gain on Monday. The 24 -hour token trading volume has increased more than 1,200% to $ 322 million, according to data from CoinMarketCap.
This shows that investors are putting money into tokens despite their poor performance last week, because they have already been bought. In addition, the sudden growth in SNX was supported by increasing network volume on a daily basis as a result of new functionality.
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Synthetix is a Layer-2 scaling solution that provides on-chain exposure to a variety of crypto and non-crypto assets. It recently partnered with liquidity provider Curve Finance to create a Curve pool for sETH / ETH, sUSD / 3CRV, and sBTC / BTC, allowing investors to convert synths such as sETH to Ether (ETH) at a more affordable rate.
Synthetix Tokens Up Half In Seven Days
Synthetix tokens are selling at $ 3.05 at the time of writing, up 50 percent over the past week. The recent price increase has helped tokens remove the deficit from the ongoing market crisis.
The SNX price increase was not only due to optimistic perceptions about Bitcoin at the start of the week, but also for investors eager to hold tokens instead of synths and the protocol’s ability to generate trading costs of more than $ 1 million, five times greater. rather than the daily performance of BTC.
When token holders promise SNX as collateral using Mintr, a decentralized platform for participating in Synthetix contracts, synthetic assets are created. Currently, the protocol supports synthetic fiat currencies, cryptocurrencies, and commodities.
SNX Ing No. 87 In Global Rankings
Synthetix coins traded slightly less than 52 weeks ago. Any drop in the Bitcoin price could cause the SNX price to go down as well.
Among almost 20,000 cryptocurrencies, SNX crypto is listed at number 87 spots. SNX digital currency can be traded on crypto exchanges such as Binance and Uniswap.
The cryptocurrency market showed signs of recovery, as its value increased 8.5% from the previous day to $ 879 billion. However, it is important to understand that the crypto market as a whole is experiencing instability.
Featured image from Cryptona, chart from TradingView.com