Synthetix Sheds Value After Price Pump: SNX Price Down 5%
• Synthetix (SNX) has dropped by 5% from its previous levels and is now trading below $3.
• The Synthetix ecosystem has had several improvements that helped SNX maintain gains in the face of bearish sentiment.
• According to CoinMarketCap, the market sentiment for SNX is rising, with 83% of the crypto community optimistic about the coin.
Synthetix Price Drop
Synthetix (SNX) has dropped by 5% from its previous levels and is now trading below $3, according to crypto price aggregator CoinMarketCap. It had a one-day trading volume of $85.4 million, a 12.9% drop from previous levels despite its 15% weekly gain and 4.4% 2-week gain which may have raised the trust of investors who bought it near the end of 2022 when it was trading at around $2.00.
Ecosystem Developments Push Up SNX Price
The Synthetix ecosystem has seen several improvements that have helped SNX remain stable amidst bearish market conditions. This includes 22 new cryptocurrency additions to their perpetual futures market launched earlier this year as well as the launch of Synthetix V3 on Ethereum and Optimism mainnets that improved functionality and cross-chain stablecoin transfers by generating a securitized debt position pegged to USD as a stablecoin used in consolidated markets. Additionally, they released Schedar Release earlier this month that burns sUSD fees in order to reduce staker debt; this will happen weekly starting tomorrow when claiming, users will be shown how much SNX they claimed as well as how much sUSD debt was burned during their claiming process.
SNX Outlook
According to CoinMarketCap, the market sentiment for SNX is positive with 83% of crypto traders being optimistic about it but it remains highly volatile with 24% lower trading volume and 5.6% decrease in price within last 24 hours . Since beginning of 2023 ,SNX has been steadily rising starting at $1.51 on Jan 1st till peaking at $2 .93 on Feb 7th before going through brief downturn due to February’s market wide downturn hitting most cryptocurrencies .
Conclusion
Overall , despite recent drops in price , SNX still remains one of the most popular altcoins with bullish outlook for future driven by continued development and improvement within their ecosystem .
Disclaimer
This article should not be taken as financial advice and readers are advised to do their own research before investing in any cryptocurrency or digital asset related product such as those mentioned in this article .
