Synapse Liquidity Provider Abruptly Dumps 9 Million SYN Tokens, Price Plunges By 20%

Cross-chain bridge Synapse has seen the value of its native token SYN plummet after a liquidity provider (LP) dumped all their tokens. According to data from CoinGecko, the token's price declined by nearly 25% a few hours after the sell-off.

Timeline of Synapse-2

Nima Capital, a long-term financing partner of the Synapse cross-chain bridge, dumped over 9 million SYN tokens. The move sent the token's value plummeting by 20%, hitting a multi-week low of $0.30.

Key Points: One low-cap altcoin, Synapse (SYN), according to an analyst who correctly predicted the end of Bitcoin's (BTC) bull market in 2021, may spark rallies amid a flurry of positive events.

An analyst who nailed the end of Bitcoin's (BTC) 2021 bull market thinks that one low-cap altcoin could ignite rallies amid a flurry of bullish catalysts. Pseudonymous analyst Pentoshi tells his 674,900 Twitter followers that he's accumulating Synapse (SYN), a protocol that aims to enable secure cross-chain communication.

Key Points: A well-followed crypto expert says payments network XRP is expected to climb, but Bitcoin (BTC) and one under-the-radar cryptocurrency have more upside potential. Cantering Clark, a pseudonymous expert, said that it's “nearly time” for XRP to explode to the upside.

Quick Take Synapse is a cross-chain interoperability protocol that enables composability across different chains. The Synapse bridge leverages the protocol to enable cross-chain asset swaps and transfers. Synapse's V2 upgrade introduces optimistic verification and the Synapse chain, which is an Ethereum-based optimistic rollup. Synapse's native token, SYN, will be used to secure the chain and incentivize optimistic verification participants.