Dogecoin Sees Weekend Bump After Musk Tweets, Synthetix Volumes Grow to $200M
Separate catalysts saw the two tokens jump and see volatility over the weekend, with SNX rising as much as 85% in the past 24 hours.
Jun 20, 2022 at 10:26 a.m. UTCUpdated May 11, 2023 at 6:41 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3O3QTHMEXVEIZJODWSVLJIKBQI.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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 jumped from 5 cents to over 5.8 cents on Sunday morning as technology entrepreneur Elon Musk tweeted he will “keep supporting [d]ogecoin.” Musk added he was buying DOGE, in response to a reply.
- 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.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FW4I73KCMNCOZKZPJHNFH7TDOU.png)
- 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.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/6c6bb5af-692c-4fcf-9f8b-a75d0549effd.png)
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.