Synthetix's native token SNX experienced a massive price surge of 93% to over 120% in the past 24 hours, reaching a nine-month high of approximately $1.87 to $2.30, with a brief peak at $2.30. This rally is backed by a tenfold increase in daily trading volume, surpassing $600 million to $758 million, and a market capitalization rising to around $640 million, making SNX the 99th-largest digital asset.
The surge is driven by record USD inflows of $334,000, the highest net flow since June 2021, boosting the protocol's Total Value Locked (TVL) close to $224 million. Key catalysts include the upcoming launch of Synthetix's perpetual decentralized exchange (DEX) on Ethereum mainnet later this month and a $1 million trading competition starting October 20, which is expected to attract key opinion leaders and traders.
Analysts, such as CryptoKaleo and PrismNav, note that SNX has broken a four-year downtrend, signaling a potential trend reversal. The token, issued in 2018 and dubbed a 'dino coin,' is gaining attention amid the 'perp DEX war' with rivals like Hyperliquid and Aster. While bullish momentum is strong, market-wide sentiment and macro conditions could influence future price stability.
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