Synapse Price Surges 40% Following Binance Futures Listing
Synapse (SYN), the native token of the interoperability protocol and cross-chain bridge, saw a huge price jump in the on August 16, the day of the literature. The token voiced by forty percent and was as a result of the market achieving a new all-time high of $0.57 inside the 24 hour period. In addition, the trading volume of the token over a day increased by as much as 203%, reaching $68 million, compared to the one billion years that Synapse capped.
Binance Futures Adds SYN
The main factor which caused an increase of almost 10,000 percent was the great news of Binance, one of the leading cryptocurrency exchanges. The numbers were absolutely perplexing. Binance mentioned that they had listed the SYNUSDT Perpetual Contract on their Futures platform.
The futures traders have an intuition about the future price of the commodity or the security and as cryptocurrency is the future of all the money systems they would speculate about this. The contract makes participants either buy or sell assets at a predetermined price on a specified date in the future. When trading with a 50x leveraged SYNUSDT perpetual contract on Binance, the greatest possible loss is still 2% of 1440 USDT, while the maximum possible gain is unlimited.
Additional Factors Behind SYN’s Price Rise
In connection to the Binance listing, there was a number of factors that have played a key role in the surge of SYNUSDT price. Joe Hedgehog, who drives Sigil Fund, was quick to point out the growing excitement in the Synapse community for the chain launch as well as the interchain network which is to be rolled out in august.
Recent was a $1 million-plus worth of SYN accumulation by a large wallet address and would be another driver to the upward movement. It is most likely that this large investment was the major cause of the rise in the token’s price, as the investor put more pressure on the purchasing process through it.
Regardless of not being news specifically related to Synapse’s network development, successive actions initiated by Binance’s listing and the upcoming next milestones have gusted traders and left them in the ambiance of hope. The interested parties want to get over the highest price for SYN which was $4.92, and it happened to be in October 2021.
Conclusion
The 40% price rise in Synapse’s SYN token reveals the effect of considerable trade listings on cryptocurrency assets. As the market is being monitored by traders, the Synapse ecosystem’s forthcoming developments may have a greater impact on the coin’s prices.
At this moment, the main question is whether SYN can continue its upward trend and finally challenge its historical peak.
