What a mysterious investor did for two days altcoin Its purchase has not escaped the attention of the cryptocurrency community. Moreover, this altcoin is Synthetix (SNX), whose price has more than doubled so far in 2023. Details are here.
Blockchain tracking service Lookonchain’s new to the data According to the report, an unnamed institution spent $10 million worth of USD Coins (USDC) to purchase 3.4 million Synthetix (SNX) in the past two days.
According to the data, there is also 44.5 million dollars worth $15 million in the portfolio of the same institutional investor. Conflux (CFX) and 7.3 million Yield Guild Games (YGG), valued at approximately $2.07 million.
“One institution spent 10 million USDC to purchase 3.4 million SNX from Synthetix Treasury in the last two days, the purchase price is approximately $2.93. The institution holds 44.5 million CFX ($15 million) and 7.3 million YGG ($2.07 million) and is an investor in Yield Guild.”
It is a decentralized finance (DeFi) protocol. Synthetix Network (SNX) has been making headlines lately due to its ongoing network development activities. Synthetix is a derivatives protocol that allows users to hold and trade crypto, stocks and precious metals without direct ownership of a specific asset. SNX is the native token of the platform.
SNX saw a significant price increase in 2023. The altcoin opened the year by trading at $1.42, but eventually climbed 126% to $3.22. SNX retained most of these gains, trading at $2.82 at press time.
You can follow the current price action here.