Native tokens of Dogecoin (DOGE) and Synthetix (SNX) saw volatile trading over the weekend even as the broader crypto market fell and then staged a brief recovery on Monday.
- DOGE rose to as much as 6.3 cents in early Asian hours on Monday. It has since dropped to 5.7 cents at writing time as traders took profits on their positions.
- Musk’s electric car company, Tesla (TSLA) accepts DOGE as payments on its merchandise store, and Musk has previously stated he was “working with Dogecoin developers” to improve its efficiency.
- Elsewhere, Synthetix’s SNX token rose some 85% in the past 24 hours amid fundamental catalysts. The Ethereum-based exchange and synthetic assets platform was one of the first decentralized finance (DeFi) applications.
- Synthetix has trading volumes of over $200 million in the past 24 hours as its “atomic swaps” product gained traction among traders, as per analysts. Atomic swaps refer to an exchange of cryptocurrencies from separate blockchains.
- This is a significant increase from average daily trading volumes of between $500,000 to $3 million in May.
- Atomic swaps on Synthetix use live prices from Uniswap and Chainlink to ensure accurate execution for traders.
- Data shows the synthetic ether (sETH) and synthetic dollar (sUSD) was the most active trading pair with $135 million in trading volumes in the past 24 hours. Ether (ETH) rose from the $940 level to over $1,100 in the same period.
- Meanwhile, futures tracking DOGE and SNX racked up a cumulative $11 million in losses to liquidations due to the volatility, data from CoinGlass shows. The figures were higher than usual for the two tokens.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.