Whale Loses $216K After Depositing 1.068M Synthetix Tokens into Exchange

• Whale deposits 1.068 million SNX into Binance, losing $216k in a recent transaction.
• Synthetix launches Andromeda, implementing Core V3 and Perps V3 for the cross-chain future.

A whale made a big transaction with Synthetix (SNX) tokens. According to Lookonchain, this whale transferred 1.068 million SNX tokens ($2.1 million) into Binance a few hours ago, suffering a $216, 000 loss.

Past Withdrawals and Current Price Movements of SNX

This transaction is also interesting because the whale earlier withdrew the same amount of SNX, valued at $2.316 million, from Binance on January 30, July 12, and August 24, 2023, when the token price was $2.17.

A whale deposited 1.068M $SNX($2.1M) into #Binance 4 hours ago and lost $216K!

This whale withdrew 1.068M $SNX($2.316M) from #Binance at $2.17 on Jan 30, Jul 12, and Aug 24, 2023.

In May 2024, he had an unrealized profit of $3.12M, but he did not sell it then.… pic.twitter.com/U4frtgn2Hb

— Lookonchain (@lookonchain) July 21, 2024

In May 2024, this whale had an unrealized profit of $3.12 million, but he did not sell the tokens. As of now, SNX is trading around $1.86, down 1.48% over the last 24 hours and 2.46% in the week. This tight price range shows the token’s relatively restricted price volatility.

Previously, as we previously reported, Synthetix tokens rose more than 13% in mid-July, making them one of the biggest gainers. This price increase exemplifies the cryptocurrency market’s significant volatility, particularly as competition for investor interest grows. Despite recent market declines, some analysts continue to see SNX positively.

World of Charts, a crypto expert, had a bullish view on Synthetix, saying that the current price has broken through the trendline within a declining channel pattern.

The recent price correction appears to be a rebound from the closest higher low level. The price’s ability to rebound from the last correction will determine if it can breakout the descending channel pattern.

Meanwhile, Synthetix released Andromeda in early December of last year, which marked a big milestone in the implementation of Core V3 and Perps V3.

This development enhances the Synthetix protocol in preparation for a cross-chain future. Global crypto market sentiment will continue to steer investors’ cash inflows into the crypto market.