Synthetix (SNX) is now the best performing cryptocurrency in the past 254 hours. While some of these gains are tied to broader corrections in the mass market, there is also some excellent platform news. Synthetix is a leading DeFi platform that brings traditional financial assets to the blockchain. Here are some highlights.
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SNX haD is up by over 100% at some point in 24 hours of intraday trading.
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Although the coin retreated slightly, it was still above 60% in the green.
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The surge came after news broke of a massive increase in Synthetix’s daily trading volume.
Data Source: TradingView
Synthetix: why the boom will continue
As mentioned above, Synthetix reported some exciting on-chain news. More recently, the platform introduced a new feature called ‘Atomic Swap’. This feature helps support derivatives liquidity on Synthetix. Today, it was announced that Atomic Exchange has seen an increase in trading volume. In fact, the platform is now capable of processing $200 million per day.
It is one of the largest in the market. It beats other competitors like the 1inch and the Curver by a huge margin. It also seems that investors are very excited about this news. The SNX saw an increase of around 1200% in daily trading volume, indicating that people are buying it in large numbers.
The price also went up massively. At one point, the SNX was up 100% before retreating slightly. As the success of the atomic swap continues, more investors will be buying into the SNX. The coin could see a bullish rally in the next 7 days, taking the price closer to $5.
Should you buy the SNX?
Well, the most important thing for any investor are the basic principles of a project. SNX has everything you would look for in a DeFi protocol, and it is growing really fast.
This is a good time for a long term investor to make a purchase. Furthermore, short-term traders can still ride the Atomic Swap breakthrough this week and exit around $5.
