SNX crypto price soars 100% & volume rockets over 700%: Here's why

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SNX crypto price soars 100% & volume rockets over 700%: Here's why

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 SNX crypto price soars 100% & volume rockets over 700%: Here's why
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Highlights

  • The SNX crypto is available for trading on crypto exchanges like Binance and Uniswap (V2).
  • There are 19,933 cryptocurrencies worldwide, and SNX crypto ranks 87 among them.
  • The SNX crypto can be utilized as collateral for minted synthetic assets.

The price of Synthetix (SNX) crypto was up by 100.3 per cent to US$ 3.05 per token as the global crypto market bounced back slightly on Monday, June 20. According to CoinMarketCap data, the one-day volume of SNX crypto soared 740 per cent to US$ 224.7 million.

Also Read: Dogecoin 'pyramid scheme' lawsuit: Why Elon Musk is being sued?

The crypto market is showing some recovery as its valuation recorded a surge of 8.5 per cent over the previous day to reach US$ 878.6 billion. However, it is important to note that the crypto market is going through a period of extreme volatility.

The world's oldest cryptocurrency, Bitcoin, surged by 10.7 per cent and reached the US$ 20,000 mark after tumbling to US$ 18,088.44 per token in the last 24 hours. Meanwhile, Ethereum (ETH) was trading at US$ 1,078.59 apiece after its price went up by 13.3 per cent at the time of writing.

What is SNX crypto?

Synthetix is an Ethereum and Optimistic Ethereum-based decentralized synthetic asset issuance mechanism.

The official website claims that Synthetix is a novel financial primitive that enables the production of synthetic assets on the blockchain while also providing exposure to real-world assets.

Synthetix wants to diversify the crypto industry by introducing non-blockchain assets, giving users access to a more stable financial sector. The network also has a staking pool for holders to stake their SNX crypto and get a percentage of the Synthetix Exchange transaction fees in return.

The SNX crypto can be utilized as collateral for minted synthetic assets. Synthetix has been using the Optimistic Ethereum mainnet since its introduction to reduce network gas expenses and oracle delay.

The maximum supply of the SNX crypto is 212.42 million, and there were 114.8 million SNX tokens in circulation at 3 AM EST. The SNX crypto is available for trading on crypto exchanges like Binance and Uniswap (V2).

SNX crypto

Bottom line

The SNX crypto could be up due to the Twitter announcement that it hit over 200 million in daily volume as Atomic Swaps on Curve Finance and 1inch average of US$ 100 million in daily volume. Meanwhile, Optimism Futures and options on Lyra Finance and Polynomial Protocol also boost the daily volume.

There are 19,933 cryptocurrencies worldwide, and Synthetix ranks 87 among them, according to CoinMarketCap data. However, potential investors must research before buying the SNX crypto.

Also Read: Forta crypto: All you must know about this cybersecurity token

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