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In the race to find the next big thing in cryptocurrency, many people look to social currency as a way to invest.
The cryptocurrencies below are trading in the downtrend zones and are capable of further decline.
Synthetix is at the cusp of a breakout after the release of new announcements on the network. The network is rolling out a proposal to cap SNX's maximum supply at a “very memorable” 300 million.
Synthetix price has lost the bullish momentum it had in August as the broad cryptocurrency and stock markets recoil.
The Synthetix flat market trend started on the 20th of August when the market touched a support level of $2.
After breaking above the moving averages, the Synthetix price prediction moves to cross above the upper boundary of the channel.
The layer-2 scaling solution Synthetix undertook some important developments this month. Often described as a “blue chip” DeFi project, Synthetix was one of the first projects to launch on the Ethereum network.
The crypto market decoupled from the NASDAQ 100 today, with network news delivering breakout sessions for several of the crypto top 100.
The Synthetix price prediction shows that SNX is facing the upside as the coin moves to break above the 9-day moving average to reach $3.15.
Analysts from Messari solved puzzle of dramatic imbalance between Synthetix (SNX) activity metric and price of its token
Synthetix founder Kain Warwick has submitted a proposal to turn off SNX's high yield returns and cap its supply at 300 million tokens. The post Synthetix (SNX) Founder Proposes Ending High Yield Returns With 300M Capped Supply appeared first on BeInCrypto.
The Synthetix price analysis is bullish today. The price is gearing up to mint more gains amid the recent bullish market structure.
Synthetix wants to turn off the SNX money printer forever, as proposed by the founder of the DeFi system, Kian Warwick. This would mean that they will be turning off the exceptionally high yield returns for SNX stakers and capping the overall SNX token supply at 300 million.
The inflationary model helped bootstrap the Synthetix ecosystem and was no longer needed, founder Kain Warwick explained.
If the proposal were to take effect, Synthetix would much more closely resemble a traditional business by simply generating fee revenue and distributing the proceeds to SNX holders.
Synthetix plunged in volume during July due to a significant decline in trading activity across centralized and decentralized exchanges. The post Synthetix Trading Volume Reaches New Low Tumbling More Than $800 Million appeared first on BeInCrypto.
The crypto industry has been mushrooming with a plethora of digital assets which have been striving to establish one's reign. Successively, the projects catering to the finance sectors have been under the acute consideration of marketers. With the rise of Defi, a myriad of crypto assets are anticipated to thrive.
Despite a breakout from a long-term ascending support line, Synthetix (SNX) is showing bearish signs in shorter time frames. The post Synthetix (SNX) Breaks Down Below $3 appeared first on BeInCrypto.
August is proving to be a relatively strong money for the market, with several investors confident that it could kick start a recovery for cryptocurrencies.
Blockchain-based assets like cryptocurrencies have paved the way for seismic shifts in the investment and financial services sector globally. As per Deloitte's 2021 Global Blockchain Survey, around 76% of the respondents claimed that digital assets like cryptocurrencies are likely to either replace or evolve as an alternative for fiat currencies globally over the next 5-10 years.
Despite negative market conditions, the price of SNX—the native token of Synthetix—has been in a constant uptrend since mid-June. The post What's behind Synthetix (SNX) unusually strong summer?
On Monday (August 8), a very popular crypto analyst and influencer gave his reasons for recently buying “a bag” of $SNX, the native collateral asset of derivative liquidity protocol Synthetix. Here is how Binance Academy describes Synthetix: “Synthetix is a synthetic asset protocol that allows for the issuance of synthetic assets on Ethereum.
A fork will lead to chaos in defi, but only in the minority EthereumPoW chain where the jungle will reign.
