Dogecoin Rises Strong After Musk Speech, Synthetix Token Soars Up to 85% With High Volume

The native memecoin Dogecoin (DOGE) and Synthetix (SNX) tokens experienced considerable volatility over the weekend despite the general cryptocurrency market slump, and briefly rebounded on Monday.

DOGE jumped from 5 cents to more than 5.8 cents Sunday morning after Elon Musk said on Twitter that he will “continue to support Dogecoin”. In response to another tweet, he said he was buying DOGE.

Memecoin rose to 6.3 cents overnight on Monday. It has since dropped to 5.7 cents, with traders taking profits from their positions, but has regained strength once again in the last few hours.

Elon Musk’s Tesla electric car company accepts DOGE as payment at its clothing and accessories store. In the past, the entrepreneur said that he was “working with Dogecoin developers” to improve their efficiency.

Synthetix’s SNX tokens are up about 85% in the last 24 hours on fundamental catalysts. The Ethereum-based synthetic asset exchange and platform was one of the first decentralized finance (DeFi) apps.

According to analysts, Synthetix had trading volumes of more than $200 million in the last 24 hours following its “atomic swaps” gain traction among traders. You atomic swaps (atomic permutations) refers to trading cryptocurrencies from different blockchains.

This was a significant increase in average daily trading volumes from around $500,000 to $3 million in May.

At Synthetix, the atomic swaps use live prices from Uniswap and Chainlink to ensure correct execution for traders.

Data shows that Synthetic Ethereum (SETH) and Synthetic Dollar (SUSD) was the most active trading pair, with volumes of $135 million in the last 24 hours. Ethereum (ETH) rose from $940 to over $1,100 over the same period.

Meanwhile, data from CoinGlass shows that futures tracking DOGE and SNX together have accumulated $11 million in losses to liquidations due to volatility. This figure was higher than usual for the two tokens.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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