As a seasoned researcher with a knack for deciphering market movements and a soft spot for interoperability protocols, I must say the recent surge of Synapse (SYN) has caught my attention. The 40% increase within 24 hours, accompanied by a 203% boost in daily trading volume, is a sight to behold in this often tumultuous crypto landscape.
The interoperability protocol and cross-chain bridge known as Synapse has experienced a surge in its native token following recent announcements from Binance Futures.
On August 16th, Synapse (SYN) experienced a significant price rise, reaching above $0.57, after it saw an increase of over 40% within a day. This surge in value led to an impressive 203% boost in daily trading volume, with transactions exceeding $68 million. At the time of writing, the market capitalization hovered around $107 million following this 40% spike.
Binance Futures adds SYN
The benefits from the inter-blockchain compatibility project emerged following a significant announcement about listing on a top cryptocurrency exchange, Binance.
Futures trading offers individuals the opportunity to either purchase or sell a particular asset, such as a commodity, stock, or other assets, at a predetermined price in the future. This contract enables crypto investors to speculate on the potential direction of the asset’s value, whether it will increase or decrease. Those who enter into these trades are obligated to complete the transaction at the agreed-upon price, with the party that made the losing bet providing compensation to the successful one.
In this arrangement, both buyers and sellers are required to transact the specified asset at the stated price. The bet here is that the person who guesses incorrectly about the future price will compensate the one who correctly predicted it.
Based on Binance’s announcement, the introduction of the SYNUSDT Perpetual Contract provides users with more trading opportunities. Commencing Synapse futures trading on Binance took place on August 16 at 12:30 pm UTC, providing up to 50 times leverage and settlement in USDT.
Mark my words, as a seasoned crypto investor, I’m excited to announce that starting August 16, 12:30 UTC, Binance Futures will debut the USDⓈ-Margined $SYN Perpetual Contract. For those eager to learn more about this new venture, click here!— Binance Futures (@BinanceFutures) August 16, 2024
Why else did SYN price rise?
Based on comments from Sigil Fund partner Joe HedgeHog, there’s a growing excitement within the SYN community due to the approaching launch of Synapse chain and Interchain network, scheduled for August. As a result, the price of SYN is experiencing an upward trend.
Moreover, it appears that a particular address has amassed approximately $1 million in SYN tokens, possibly exerting influence on the token’s price increase.
As a researcher, I’ve been closely monitoring the Synapse network, and despite a lack of direct headline-grabbing news, the general sentiment among traders seems encouraging. The heightened visibility of the project and upcoming milestones have sparked optimism within the community.
The key price target for SYN remains its all-time high of $4.92, reached in October 2021.
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2024-08-16 18:28