SNX Market Cap Soars Despite Bearish Key Metrics

• Synthetix launched Perp v2 last year, which significantly reduced fees.
• SNX’s supply on exchanges registered a downtick and its supply outside of exchanges went up.
• CryptoQuant’s data revealed that SNX’s exchange reserve was decreasing.

Synthetix [SNX] Witnesses Surge in Volume

Synthetix [SNX], a decentralized finance (DeFi) protocol powered by Ethereum, witnessed a major surge in its Perps V2 exchange as its daily volume reached $100 million. This indicated an increased number of investors in the network, as crypto traders often use perpetual contracts to earn passive income through funding fees.

P/S Ratio Increase & Total Value Locked Decline

The P/S ratio went up while the total value locked on SNX declined. Supply outside of exchanges increased but the key metrics looked bearish. Realistic or not, here’s SNX market cap in BTC’s terms with Synthetix Perps V2 recap – it reduced perps trading fees to only 5–10 basis points while maintaining optimal performance and execution efficiency. An ETH-PERP market became available when Synthetix Perps V2 off-chain oracles launched. Though SNX Preps v2’s volume registered a massive interest, the network’s P/S Ratio increased which made it vulnerable to price correction leading to investors‘ disinterest in the token.

Bearish Market & Price Plunge

The current bearish market also played a role in pulling SNX’s price down as per CoinMarketCap, its value declined by more than 13% in the last 24 hours at press time it was trading at $2.20 with a market capitalization of over $555 million contributing to its total value locked going down after an uptick for some time now.

Investors Interest In SNX Increasing?

Even though SNX’s price fell victim to the bears‘ movements investors‘ interest in SNX increased as its supply on exchanges registered a downtick while its supply outside of exchanges went up indicating bullish signals further CryptoQuant’s data revealed that SNX’s exchange reserve was decreasing thus revealing that the token was not under selling pressure despite the price plummet.

How Much Are 1, 10, 100 SNX Worth Today?

On-chain performance raised concerns as thanks to this prices plunge MVRV Ratio moved into negative territory after remaining above zero for some time now indicating investors are taking profits from their positions leading many people wondering how much will 1, 10 and 100 be worth today?