An anonymous institutional crypto whale spotted by Lookonchain has traded millions of dollars worth of USDC for this altcoin in the past two days.
Mysterious investor buys 124% rising crypto project
The as yet unidentified whale wallet has purchased an Ethereum-based altcoin that has more than doubled in value this year. According to a report by on-chain researcher Lookonchain, it has spent $10 million worth of USDC buying 3.4 million units of Synthetix (SNX) in the past two days.
The data shows that the institutional whale also holds larger amounts of funds in the two altcoins.
An institution spent 10M $USDC to buy 3.4M $SNX from #Synthetix Treasury in the last 2 days, the buying price is ~$2.93.
The institution holds 44.5M $CFX ($15M) and 7.3M $YGG ($2.07M), and is an investor of @YieldGuild.
Discuss:
Which institution is this? pic.twitter.com/VhFRxQacjv
— Lookonchain (@lookonchain) March 15, 2023
According to on-chain data, corporate whale also owns 44.5 million Conflux (CFX) worth $15 million and 7.3 million Yield Guild Games (YGG) worth approximately $2.07 million. Synthetix (SNX), the whale’s last investment worth $10 million, has been in a strong trend since the beginning of the year.
Synthetix (SNX) is up 30% after hitting this key growth metric
The decentralized liquidity provisioning protocol has reached one of the best performing altcoins of the week after an important milestone was announced. Its price recorded daily green candles of over 30% each on March 12 and 13.
As Synthetix said on its official Twitter handle, it recorded more than $200 million in daily trading volume, indicative of greater adoption than before. Growth metrics underlined a steady rise at a time when both the Decentralized Finance (DeFi) ecosystem and the broader Web3.0 world were facing massive downturn on all sides.
Synthetix is designed as a hub to help different protocols access the liquidity they need to optimize their operational capabilities. Thanks to its liquidity guarantee and regular innovations in its offerings, Synthetix has earned a mark for itself as a token with a reliable use case among investors.
$200M+ daily volume today!
— Synthetix ⚔️ (@synthetix_io) March 13, 2023
Can altcoin continue to rise?
With the increase in its daily volume, Synthetix may be on the verge of a major breakthrough in its recognition in the crypto world. Amid the spreading FUD, accessing deep liquidity remains one of the biggest challenges for start-ups.
With Synthetix’s offering, more protocols can stay at work, thus immune to the throes of the crypto winter. This relevance could have a very positive tone for SNX in the near future.
Meanwhile, SNX price rallied over 10% several times in January. cryptocoin.comAs we have mentioned, it has come to the fore again as one of the altcoins that gained value during the banking crisis that has been affecting since last week.
