The native token of Synthetix, SNX, has surged over 120% in just 24 hours, reaching heights not observed since prior to the market downturn of 2022, igniting renewed discussions about the comeback of some of DeFi’s original "dino coins."
A dino coin refers to a token released in an earlier market cycle; in this scenario, SNX was launched in 2018, well ahead of competing derivatives tokens like HYPE and ASTER.
SNX climbed from approximately $1.00 to more than $2.20, even briefly hitting $2.30 before consolidating, buoyed by a monumental $758 million in daily trading volume, which represents a staggering 1,120% increase.
Market participants attribute the rally on Monday to heightened interest in Synthetix’s upcoming launch of a perpetual DEX, set to debut on the Ethereum mainnet later this month.
Crypto trader CryptoKaleo characterized the price movement as a “god candle returning to higher highs from before the market crash,” while another observer dubbed SNX “the most exhilarating chart of the day.”
“The new Synthetix perp DEX is poised for launch, and following some initial challenges faced by both Hyperliquid and Lighter, I am certain there is newfound optimism about what Synthetix can achieve,” wrote Route2FI on X.
Is a Perpetual War on the Horizon?
The last month within DeFi has been marked by the emergence of Aster, a perpetual exchange on BNB Chain that has taken market share from HyperLiquid.
Now, Synthetix is organizing a strategically timed trading competition on October 20, which might lead to a significant shift in capital from other trading platforms.
“Is this the resurgence of the Dino Coin, signaling $SNX’s comeback?” pondered analyst PrismNav, emphasizing that Synthetix has successfully broken a four-year downtrend and might spearhead the so-called “perp DEX war” due to the upcoming trading competition.
The event is expected to attract prominent KOLs (key opinion leaders) to test their trading strategies on the new platform, positioning it as a key point for short-term speculation.
What Lies Ahead for SNX?
While SNX had taken a backseat to newer DEXs like Hyperliquid, the project’s intent to rejuvenate its perp exchange on Ethereum and enhance cross-chain liquidity via Optimism and Base has rekindled investor enthusiasm.
Technical analysts note that SNX’s breakout above multi-year resistance levels could suggest a trend reversal after prolonged consolidation.
Whether SNX can sustain the gains made on Monday is yet to be determined, but for now, the "rise of the dino coin" narrative is alive and well, with Synthetix at the forefront.
