Synthetix (SNX) Price, Monday’s Biggest Gainer, Balloons By 100% – Here’s Why

After plunging below $18,000 over the weekend to trade at a price of SNX, the native token of Synthetix decentralized finance (DeFi) platform, has gained more than 100% to usher in the week.

SNX has proven to be the stock with the biggest rise on Monday. The token’s 24-hour trading volume has increased by more than 1,200% to $322 million, according to data from CoinMarketCap.

This indicates that investors are pouring money into the token despite its poor performance last week, as it has been put up for bid. Additionally, this abrupt growth in SNX is supported by the increasing daily network volume as a result of its new function.

Suggested Reading | Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking Crypto Market

Synthetix is a Layer-2 scaling solution that provides on-chain exposure to a wide variety of crypto and non-crypto assets. 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

The Synthetix token is selling at $3.05 at the time of writing, a 50 percent increase over the past 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.

When token holders pledge their SNX as collateral using Mintr, a decentralized platform for engaging with Synthetix contracts, synthetic assets are created. Currently, the protocol supports synthetic fiat currencies, cryptocurrencies, and commodities.

SNX At No. 87 On The Global Rankings

The Synthetix coin is trading slightly over its 52-week low. Any decrease in the price of Bitcoin could cause the price of SNX to decrease as well.

Among the almost 20,000 cryptocurrencies, SNX crypto is listed on the No. 87 spot. The SNX cryptocurrency can be traded on crypto exchanges such as Binance and Uniswap.

The cryptocurrency market is showing signs of revival, as its valuation increased by 8.5% from the previous day to reach $879 billion. However, it is essential to recognize that the crypto market as a whole is experiencing a moment of tremendous instability.

Featured image from Cryptona, chart from TradingView.com