Synthetix Soars 120% as Derivatives Hype Reignites DeFi’s 'Dino Coin'

Synthetix’s autochthonal token SNX jumped much than 120% successful the past 24 hours, according to CoinDesk marketplace data, reclaiming levels not seen since earlier the 2022 marketplace clang and sparking caller speech astir the instrumentality of DeFi’s earliest “dino coins.”

A dino coin is simply a colloquial word for a token oregon coin that has was issued successful a erstwhile marketplace cycle, successful this lawsuit SNX was issued successful 2018, good earlier rival derivatives-linked tokens similar HYPE and ASTER.

SNX roseate from astir $1.00 to implicit $2.20, concisely touching $2.30 earlier consolidating connected the backmost of $758 cardinal successful regular trading volume, a 1,120% rise.

Traders and analysts property the Monday rally to renewed attraction connected Synthetix’s forthcoming perpetuals DEX launch, expected to beryllium released connected the Ethereum mainnet aboriginal this month.

Crypto trader CryptoKaleo described the determination arsenic a “god candle backmost to higher highs from earlier the marketplace crash,” portion different labeled SNX “the wildest illustration of the day.”

“The caller Synthetix perp DEX volition soon launch, and aft some Hyperliquid and Lighter had immoderate hiccups, I americium definite determination is caller optimism connected what Synthetix tin deliver,” Route2FI wrote connected X.

Upcoming perpetual war?

The past period successful DeFi was characterized by the emergence of Aster, a perpetual speech connected BNB Chain that took marketplace stock distant from HyperLiquid.

Now, Synthetix is hosting a well-timed trading contention connected Oct. 20, which could pb to a rotation of superior from different trading venues.

“Rise of the Dino Coin, $SNX comeback szn?” wrote expert PrismNav, noting that Synthetix has present breached a four-year downtrend and could pb the alleged “perp DEX war” successful airy of the trading competition.

That event, which volition reportedly invitation high-profile KOLs (key sentiment leaders) to commercialized connected the caller platform, has go a focal constituent for short-term speculation.

What adjacent for SNX?

While SNX faded from the spotlight amid the emergence of newer DEXs similar Hyperliquid, the project’s program to re-establish its perp speech connected Ethereum and grow cross-chain liquidity done Optimism and Base has renewed capitalist interest.

Technical traders besides enactment that SNX’s breakout supra multi-year absorption could bespeak a inclination reversal aft years of consolidation.

Whether oregon not SNX tin clasp Monday's gains remains to beryllium seen, but for the clip being; the “rise of the dino coin” communicative is backmost and Synthetix is starring the charge.