Synthetix (SNX) Price Jumps 15% in Response to New DeFi Investor Embrace

Synthetix (SNX) has been on many traders' watchlists since the start of May as the Decentralized Finance (DeFi) protocol appears to be pricking the interest of investors in recent times. Synthetix has been recording a slow and steady run in the price of its native token, which has placed its price at $2.45, up by 3.19% over the past 24 hours.

Timeline of Synthetix-network-token

Synthetix has secured a $20 million investment from Web3 investment and quantitative trading firm DWF Labs. The partnership will see DWF Labs tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges, with Synthetix' perpetual futures integrated into DWF Labs' trading business.

Synthetix [SNX] continues to make news with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that Perps V2's cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million.

A mysterious investor is scooping up an Ethereum-based (ETH) altcoin that has more than doubled up in price so far this year. According to new data from blockchain-tracking service Lookonchain, an unnamed institution spent $10 million worth of USD Coin (USDC) to purchase 3.

Synthetix [SNX] 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.

Since the crypto market sentiment turned bearish after a few weeks of improvement, many cryptocurrency prices have retraced. Many coins have barely held their gains, while others have surrendered the past month's gains to the bears.

Synthetix's native token SNX is among the few cryptocurrencies that managed to maintain a bullish bias in the last two weeks. This, at a time when most of the top cryptos have been struggling to hold on to January gains.

Recently, Synthetix [SNX] got into the spotlight, thanks to its trading volume. Token Terminal revealed that SNX's trading volume registered a considerable uptick over the last few weeks.

The crypto market has demonstrated a healthy recovery since January 2023, and, as a result, there has been increased activity in the DeFi world. Synthetix is among the companies that are capitalizing on this recovery.

Synthetix has slowed down in 2022 in its DeFi pursuits, just like many crypto networks have during the bear market. Regardless, the network remains committed to its long-term pursuits and this was evident in its latest endeavor.

 Synthetix [SNX] managed to pull off a solid uptick by more than 10% as of 17 October. This performance meant that it had outperformed many of the top cryptocurrencies during the same period.