Synthetix (SNX) Surges 93% with Trading Volume Exceeding $600 Million
Synthetix (SNX) Market Performance:
- SNX surged 93% in the past 24 hours, reaching a nine-month high of $1.87.
- The token's daily trading volume increased tenfold, surpassing $600 million.
- Market capitalization stands at $640 million, ranking SNX as the 99th-largest digital asset.
- Synthetix recorded $334,000 in USD inflows, its highest since June 21.
- Total value locked in the protocol is nearing $224 million.
Perpetual Trading Ecosystem:
- The rise of Hyperliquid, with a $5 billion TVL, influenced perpetual trading interest.
- Perpetual trades are appealing due to no expiration dates, offering short-term, high-leverage opportunities.
- Synthetix plans to integrate perpetual trades on Ethereum, reducing user need to switch platforms.
Upcoming Events for SNX:
- A $1 million trading competition begins on October 20.
- Expectations of increased attention and potential bullish momentum for SNX prior to this event.
- Potential market cap could exceed $1 billion if trader interest aligns with previous trends observed in Hyperliquid.
- Market conditions remain uncertain, potentially influencing price direction.
For further details, visit Holder.io.