Synthetix’s native SNX token has surged more than 120% in the past 24 hours, according to market data from CoinDesk, returning to levels not seen since before the 2022 stock market crash and sparking a new conversation around the return of DeFi’s first “dinosaur coins.”
A dinosaur coin is a colloquial term for a token or coin that was issued during a previous market cycle. In this case, SNX was issued in 2018, well before rival derivatives-related tokens like HYPE and ASTER.
SNX rose from around $1.00 to over $2.20, briefly touching $2.30 before consolidating on daily trading volume of $758 million, an increase of 1,120%.
Traders and analysts attribute Monday’s rally to renewed focus on Synthetix’s upcoming Perpetual DEX launch, which is expected to be released on the Ethereum mainnet later this month.
Crypto trader CryptoKaleo described the move as a “return to higher pre-market crash highs,” while another called the SNX “the craziest chart of the day.”
“The new Synthetix perp DEX will be launching soon, and after Hyperliquid and Lighter had a few hiccups, I’m sure there is new optimism about what Synthetix can offer,” wrote Route2FI on X.
A perpetual war to come?
The last month in DeFi was characterized by the rise of Aster, a perpetual exchange on BNB Chain that took market share away from HyperLiquid.
Synthetix is now hosting a well-timed trading competition on October 20, which could lead to capital turnover from other trading platforms.
“Rise of the Dino Coin, the return of $SNX, szn? ” wrote analyst PrismNav, noting that Synthetix has now broken a four-year downtrend and could lead the so-called “perp DEX wars” in light of commercial competition.
This event, which would invite prominent KOLs (thought leaders) to trade on the new platform, has become a focal point for short-term speculation.
What future for SNX?
While SNX has faded from the spotlight amid the rise of new DEXs like Hyperliquid, the project’s plan to reestablish its perp 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 indicate a trend reversal after years of consolidation.
Whether or not SNX can hold on to Monday’s gains remains to be seen, but for now; The “rise of the dinosaur coin” narrative is back and Synthetix is leading the charge.
