Synthetix’s native SNX token jumped more than 120% in the past 24 hours, according to market data from CoinDesk, regaining levels not seen since before the 2022 market crash and sparking new conversation about the return of DeFi’s first “dinosaur coins.”
A dino coin is a colloquial term for a token or coin that was issued in a previous market cycle; In this case, SNX was issued in 2018, long before rival derivative-linked tokens like HYPE and ASTER.
SNX rose from about $1.00 to over $2.20, briefly touching $2.30 before consolidating on $758 million in daily trading volume, an increase of 1,120%.
Traders and analysts attribute Monday’s rally to renewed attention on Synthetix’s upcoming perpetual DEX launch, which is expected to go live on the Ethereum mainnet later this month.
Cryptocurrency trader CryptoKaleo described the move as a “divine candle returning to higher highs before the market crash,” while another called SNX “the wildest chart of the day.”
“The new Synthetix perp DEX is launching soon, and after Hyperliquid and Lighter had some setbacks, I’m sure there is new optimism about what Synthetix can offer,” Route2FI wrote on X.
Next perpetual war?
The past month in DeFi was marked by the rise of Aster, a perpetual exchange on the BNB Chain that took market share from HyperLiquid.
Now, Synthetix is hosting a well-timed trading competition on October 20, which could lead to a rotation of capital from other trading venues.
“Rise of the Dino Coin, return of $SNX?” analyst PrismNav wrote, noting that Synthetix has now broken a four-year bearish trend and could lead the so-called “rogue DEX war” in light of trading competition.
That event, which will supposedly invite high-profile KOLs (key opinion leaders) to trade on the new platform, has become a focal point for short-term speculation.
What’s next for SNX?
While SNX faded from the spotlight amid the rise of newer DEXs like Hyperliquid, the project’s plan to reestablish its rogue exchange on Ethereum and expand cross-chain liquidity through Optimism and Base has renewed investor interest.
Technical traders also note that SNX’s breakout above multi-year resistance could signal a trend reversal after years of consolidation.
It remains to be seen whether or not SNX will be able to maintain Monday’s gains, but for now; The “rise of the dinosaur coin” narrative is back and Synthetix is leading the charge.
