• Synthetix’s Perps V2 recently achieved a milestone with its cumulative volume reaching nearly $2 billion and daily volume touching $115 million.
• Market indicators showed signs of recovery, despite the recent bearish metrics.
• However, an address recently transferred 2.66 million SNX to Binance, which was worth over $7.5 million, indicating a potential price drop for SNX in the following days.
Synthetix [SNX] Achieves Milestone
Synthetix revealed in a recent tweet that Perp V2’s cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million. This was a commendable achievement, as only a week ago, Perp V2’s daily volume touched $100 million. Integrators have worked tirelessly to make this possible and cheers to them @Kwenta_io, @PolynomialFi, @DecentrexHQ and @dHedgeOrg for their efforts!
Market Indicators Show Signs of Recovery
Market indicators showed signs of recovery and suggested a price uptick despite bearish metrics. Realistic or not, here’s SNX market cap in BTC terms which could potentially increase with the latest news from Synthetix network.
SNX Fees & Revenue Spike
Thanks to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days according to Token Terminal data. As per their report fees and revenue gained upward momentum since 7 March before spiking substantially on 12 March.
Whale Dumps SNX
Unfortunately the same might not be true for Synthetix token SNX due to whale activity that occurred around last week where an address transferred 2.66 million SNX worth over $7.5 million to Binance exchange from their own pocket – suggesting further price drops for SNX in coming days according to Lookonchain analysis team on Twitter post “Maybe he/she already sold $SNX on #Binance”
On-Chain Metrics Suggest Price Drop
On-chain metrics such as Binance funding rate declined considerably which indicates less demand from derivatives market – giving more reasons to worry about SNX’s future price as it had already registered 5% decline at press time trading at around $ 2.80 with total market capitalization above 700 Million USD mark according to CoinGecko data points