• Synthetix [SNX] achieved a milestone with its Perps V2, reaching nearly $2 billion in cumulative volume and $115 million in daily volume.
• SNX’s fees and revenue spiked due to the increase in volume.
• There is potential bearishness in SNX due to an address transferring 2.66 million SNX to Binance, worth $7.5 million.
Synthetix Achieves Milestone with Perps V2
Synthetix [SNX] recently achieved a milestone with its Perps V2, reaching nearly $2 billion in cumulative volume and $115 million in daily volume. 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 it has been celebrated by Synthetix on Twitter.
SNX Revenue & Fees Spike
Due to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days according to Token Terminal metrics. This suggested growth for the network but not necessarily for its native token SNX due to an address transferring 2.66 million SNX to Binance at a cost of 7.5 million dollars which could potentially cause selling pressure on the token pushing prices down further.
Current State of SNX
At press time, SNX was trading at around $3 per token with a market capitalization of more than $710 million. But there are some indicators that suggest trouble ahead such as Binance funding rate declining considerably indicating less demand from the derivatives market; Exchange inflow dropping since 15 March indicating less interest among investors; And Unrealized Profit/Loss (UPNL) ratio declining since 16 March implying reduced reward for HODLers who are holding the token for longer periods of time. All these factors could contribute towards bearishness for SNX’s price if they persist over time .
Market Indicators Show Signs of Recovery
Despite all these bearish indicators there is hope yet as market indicators showed signs of recovery suggesting prices may soon increase again after this recent dip perhaps caused by investors cashing out their tokens too quickly or taking profits from their investments following news about Synthetix’s achievements with Perps V2 .
Overall while Synthextix [SNX] continues making news with its achievements there is still potential bearishness ahead particularly related to SNX itself due to certain factors however there are indications that prices may soon recover once again so it remains uncertain what will happen next but investors should keep an eye on how things develop over time .