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2mo ago

SNX Surges Up to 130% as 24-Hour Volume Nears $1.1 Billion

The move reflects renewed focus on Synthetix’s planned Ethereum perpetuals exchange launch with a $1 million trading competition starting Oct. 20.

Synthetix rallies 130% in a day to 10-month highs, here's why
Synthetix soars 120% as derivatives hype reignites defi’s 'dino coin'

Overview

  • SNX jumped between roughly 93% and 130% intraday to multi-month highs, with daily trading volume around $1.1 billion reported across exchanges.
  • Reporters link the rally to Synthetix’s upcoming perpetuals DEX on Ethereum and a confirmed $1 million trading competition slated to begin on Oct. 20.
  • Pre-launch activity showed about 180 traders and roughly $6.2 million in deposits on Synthetix’s competition page.
  • On-chain data indicated whale accumulation as exchange-held SNX supply fell to a year-to-date low near 73.4 million, down from about 88 million in September.
  • Protocol metrics improved with approximately $334,000 in net USD inflows, TVL near $224 million, and staking rising to about 171.7 million SNX and 12.54 million sUSD.