Synthetix’s native token SNX jumped more than 120% over the last 24 hours, according to Coindesk -Market Data, where he was not seen since the 2022 market crash and triggered a new conversation about the earliest “Dino Coins.”
A dino coin is a colloquial term for a symbol or coin issued in a previous market cycle, in this case SNX was issued in 2018, long before rival derivative tokens as hype and aster.
SNX rose from approx. $ 1.00 to over $ 2.20, and stir card $ 2.30 before consolidated on the back of $ 758 million in daily trading volume, an increase of 1,120%.
Dealers and analysts are attributing to the Rally to Review on Monday’s attention to Synthetix’s upcoming Eternal DEX launch, which is expected to be released at Ethereum Mainnet later this month.
Crypto Trader Cryptocalo described the move as a “godlys back to higher heights from before the market’s crash”, while another labeled SNX “The Wildest Diagram of the Day.”
“The new Synthetix Perp Dex will be launched soon, and after both hyperliquid and easier had some hiccups, I’m sure there is new optimism on what Synthetix can deliver,” wrote Route2fi on X.
Upcoming eternal war?
The last month in Defi was characterized by the increase in Aster, a perpetual exchange on the BNB chain that took the market share away from Hyperliquid.
Now Synthetix hosts a well -developed trade competition on October 20, which can lead to a rotation of capital from other trading sites.
“Rise of the Dino Coin, $ SNX COMBACK SZN?” Wrote analyst Prismnav and noted that Synthetix has now broken a four-year downward trend and could lead the so-called “Perp Dex War” in the light of the trade competition.
This event, which will reportedly invite high -profile COPD (central opinion leaders) to act on the new platform, has become a gathering point for short -lived speculation.
What next for SNX?
While SNX disappeared from the limelight in the midst of the rise of newer DEXS such as Hyperliquid, the project’s plan to restore its perp exchange at Ethereum and expand cross-cutting chain liquidity through optimism and basis that has renewed investor interest.
Technical dealers also note that SNX’s breakout of perennial resistance may indicate a trend turning after years of consolidation.
Whether SNX can retain Monday’s winnings is left to see, but so far; The “Rise of the Dino Coin” tale is back and Synthetix leads the charge.
