Even though the cryptocurrency market is affected by some developments and makes a jump, this does not last long. The application of giant investment companies such as ARK Invest for a spot Ethereum ETF had a similar effect. The market has now returned to its calm outlook. However, crypto whales do not leave behind the altcoin projects they have their eye on.
A new whale received a large amount of SNX from Binanca!
As you follow from Kriptokoin.com, the leading crypto Bitcoin and most altcoins are trading in a narrow range. However, there are also cryptocurrencies that diverge from the market. One of these was Synthetix (SNX), which saw a 15% increase on the day. Synthetix has made a significant effort in the cryptocurrency ecosystem so far this year. Because it has recorded an increase not only in the total value of liquidity locked, but also in price and market valuations.
This being the case, the altcoin also entered the radar of crypto whales. According to the post of on-chain analytics and monitoring platform Lookonchain, a whale address purchased $ 4 million of SNX tokens from Binance. In this context, Lookonchain shared the following:
A newly created address withdrew 1.7 million SNX ($4 million) from Binance 30 minutes ago.
A newly created address withdrew 1.7M $SNX ($4M) from #Binance 30 minutes ago.https://t.co/vOIj1aei91 pic.twitter.com/28hYFK1K29
— Lookonchain (@lookonchain) September 6, 2023
Altcoin price rises 15 percent as Synthetix V3 hype rises
Decentralized Finance (DeFi) protocol Synthetix led the altcoin momentum yesterday. According to CoinMarketCap data, the coin gained up to 15.24% on the day. However, he later experienced a retreat. Synthetix is a small-cap altcoin project. However, with its latest move, DeFi has demonstrated its mettle to lead the next frontier of liquidity provision.
SNX Price Daily Chart. Source: CoinMarketCapMeanwhile, the protocol, which has been called one of the pioneers of decentralized liquidity providers, has announced the emergence of a newer, more advanced and more user-centric version of its entire protocol called Synthetix V3. The altcoin project has also successfully developed previous versions that are equally innovative. Thus, it further increased the wave of positivity towards the future of the protocol.
As stated by the team, the V3 engine will be specifically designed to replace the ecosystem’s permanent and derivative engine. It will also offer additional and enhanced capabilities for developers to develop new solutions that can leverage the V3 codebase. A new era will be broken in the near term with innovation, which is the defining feature of Synthetix V3. The sentiment that followed the excitement surrounding the reveal of this potential Synthetix V3 has largely fueled the overall buying the token has experienced over the past few weeks.
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