Synthex’s native SNX token has jumped more than 120% in the past 24 hours, reclaiming levels that have not been seen since the 2022 market crashing and sparking fresh communication around the return of the first “Dino Coins.”
A Dino Coin is a colloquial term for a token or coin issued in a previous market cycle, in this case the SNX issued in 2018, before rival tokens associated with derivatives such as hype and aster.
The SNX increased from approximately $ 1.00 to over $ 2.20, shortly hold $ 2.30 before integration -with the back of $ 758 million in the sunny trading volume, an increase of 1,120%.
Entrepreneurs and analysts are linked to the Monday rally to change the attention of Perpetuals Dex’s upcoming Perpetuals Dex, expected to be released at Ethereum Mainnet later this month.
Crypto Trade Cryptokaleo described Moving as a “God’s candle back to the higher high from before the market crashing,” while another May label SNX “The wildest chart of the day.”
“The new Synthetix Perp Dex is about to launch, and after both Hyperliquid and Lighter have some hiccups, I’m sure there’s a new optimization of what Synthetix will deliver,” Ruta2FI wrote to X.
Coming Perpetual War?
Last month in Defi was characterized by aster increase, an eternal exchange with the BNB chain that took the market sharing with Hyperliquid.
Today, Synthetix hosts a smooth trading competition on October 20, which can lead to a cycle of capital from other areas of trading.
“Rise of the Dino Coin, $ SNX comeback szn?” write Analyst Prismnav, who has noticed that Synthetix has now broken a four -year downtrend and may rule over the so -called “Perp Dex War” in the light of the trade competition.
That event, which was reported to invite high-profile KOL (key opinions) to trade on the new platform, has become a focal point for short-term speculation.
What’s next for SNX?
While the SNX has faded from the spotlight amid the rising of newer DEXs such as Hyperliquid, the project plan to re-establish its per-exchange in Ethereum and expand cross-chain’s liquidity by optimizing and base changed the investor’s interests.
Technical entrepreneurs have also noted that SNX breakout above many years of resistance may indicate a recurrence after years of aggregation.
Whether or not the SNX can maintain the gains of Monday remains visible, but at this time; The narrative “Rise of the Dino Coin” is back and Synthetix is leading the charge.
