Synthetix Community Observes Slow Movement Of $SNX Token Amidst Crypto Market Surge

2024-3-10 12:36

The Synthetix community is closely monitoring the movement of the $SNX token against the backdrop of a bullish trend in the broader cryptocurrency market. 

Despite the upward trajectory seen across various digital assets, $SNX has struggled to gain momentum throughout the week, leaving investors eager for a potential breakout.

According to on-chain reports sourced from Spotonchain, Framework Ventures, a prominent investor in Synthetix, has reentered the fray by depositing 4 million SNX tokens ($17.96 million) into Coinbase Prime. 

This move comes after a period of seven months of inactivity, signaling renewed interest from the venture capital firm.

Framework Ventures (@hiFramework), allegedly the largest $SNX holder, deposited 4M $SNX ($18M) to #Coinbase in the past 14 hours.

Since Jul 2022, the VC has deposited 7.9M $SNX ($30.2M) to #Coinbase, often before the price dropped.

Now, the VC still holds 19.3M $SNX ($85.4M).… pic.twitter.com/nPHmslJaAr

— Spot On Chain (@spotonchain) March 8, 2024

Framework Venture’s Full Involvement In Synthetix SNX

Framework Ventures’ involvement with Synthetix dates back to their investment in the project. The firm has been actively managing its SNX holdings, having vested 24 million SNX tokens across both the Ethereum and Optimism chains since October 29, 2021. 

Notably, Framework Ventures previously deposited 7.9 million SNX tokens to Coinbase, acquiring them at an average price of $3.82 ($30.18 million) between July 30, 2022, and the time of the price drop. Presently, the firm still maintains a substantial holding of 19.3 million SNX tokens ($85.4 million) within the Synthetix ecosystem.

In recent trading sessions, $SNX has experienced a marginal decline of 3% over the past 24 hours, adding to the cautious sentiment among investors.

While the broader crypto market continues its bullish ascent, the Synthetix community remains watchful, anticipating developments that could potentially drive the $SNX token to new highs or present challenges to its current trajectory.

As Framework Ventures reengages with Synthetix, the market awaits further insights into the firm’s strategies and its impact on the future of $SNX.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: iloveotto/123RF // Image Effects by Colorcinch

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