Although the cryptocurrency market is affected by some developments and makes a splash, it does not last long. Giant investment companies like ARK Invest applied for a spot Ethereum ETF, which had a similar effect. The market has now returned to its calm outlook. However, crypto whales do not leave the altcoin projects they set their eyes on.
A new whale bought a large amount of SNX from Binnca!
cryptocoin.com As you follow, 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 them was Synthetix (SNX), which saw a 15% increase during the day. Synthetix has made a very significant effort in the cryptocurrency ecosystem so far this year. Because it has seen an increase not only in the total liquidity value locked in, but also in price and market valuations.
As such, the altcoin entered the radar of crypto whales. A whale address has purchased $4 million worth of SNX tokens from Binance, according to a post from on-chain analytics and tracking platform Lookonchain. In this context, Lookonchain shared the following:
A newly created address pulled 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% as Synthetix V3 hype rises
Decentralized Finance (DeFi) protocol Synthetix led the altcoin momentum yesterday. According to data from CoinMarketCap, the coin is up 15.24% on the day. However, it later experienced a retreat. Synthetix is a small-volume altcoin project. However, with its latest move, DeFi has shown the courage to lead the next frontier of providing liquidity.
SNX Price Daily Chart. Source: CoinMarketCapMeanwhile, the protocol named as 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 its equally innovative previous versions. Thus, it further increased the wave of positivity towards the future of the protocol.
As the team noted, the V3 engine will be specifically designed to refresh the ecosystem’s perpetual and derivative engine. It will also provide developers with additional and enhanced capabilities to develop new solutions that can leverage the V3 codebase. With the innovation that is the defining feature of Synthetix V3, a new era will be opened in the near term. The emotion that followed the excitement surrounding the unveiling of this potential Synthetix V3 has greatly fueled the overall buying that the token has experienced over the past few weeks.
