An as yet unidentified Synapse ( SYN) whale sold 9 million SYN, causing a more than 25 percent collapse.
Having great liquidity in SYN, the whale sold all its SYNs, triggering a serious decline. The whale, which emptied all of its SYNs (9 million), created a liquidity problem and brought about a 26 percent decrease. Making a statement on the subject on X, Synapse Labs confirmed the unusual activity in the wallet.
Onchain data of the event was shared
Blockchain analytics firm Lookonchain reported that the whale sold 9 million SYN at a price of $0.26 for $2.35 million in USDC. Lookonchain added that the seller no longer has any SYNs. According to Synapse Labs’ website, the Synapse bridge currently has a Total Locked Value of $123.5 million and a total volume of $42 billion.
Posting on X a few hours after the whale’s sale, Synapse Labs “A Synapse liquidity provider sold SYN tokens and removed liquidity today. We are investigating any unusual activity in their wallet and are trying to contact them. It will be updated as more information becomes available.”The company added that there were no security breaches on the protocol or the bridge.
