Dogecoin sees weekend bump after Musk tweets, synthetix volumes grow to $200m

Native tokens of memecoin Dogecoin (DOGE) and Synthetix (SNX) saw volatile trading over the weekend even as the broader crypto market fell and then staged a brief recovery on Monday.

DOGE jumped from 5 cents to over 5.8 cents on Sunday morning as technology entrepreneur Elon Musk tweeted he will “keep supporting Dogecoin.” Musk added he was buying DOGE in response to a reply.

DOGE rose to as much as 6.3 cents in early Asian hours on Monday. It has since dropped to 5.7 cents at writing time as traders took profits on their positions.

DOGE bumped to as much as 6.5 cents before selling off in Asian hours. (TradingView)

Musk’s electric car company Tesla accepts DOGE as payments on its merchandise store, and Musk has previously stated he was “working with Dogecoin developers” to improve its efficiency.

Elsewhere, Synthetix’s SNX tokens rose some 85% in the past 24 hours amid fundamental catalysts. The Ethereum-based exchange and synthetic assets platform was one of the first decentralized finance (DeFi) applications.

Synthetix has trading volumes of over $200 million in the past 24 hours as its “atomic swaps” product gained traction among traders, as per analysts. Atomic swaps refer to an exchange of cryptocurrencies from separate blockchains.

This is a significant increase from average daily trading volumes of between $500,000 to $3 million in May.

Atomic swaps on Synthetix use live prices from Uniswap and Chainlink to ensure accurate execution for traders.

Data shows the synthetic ether (SETH) and synthetic dollar (SUSD) was the most active trading pair with $135 million in trading volumes in the past 24 hours. Ether rose from the $940 level to over $1,100 in the same period.

Meanwhile, futures tracking DOGE and SNX racked up a cumulative $11 million in losses to liquidations due to the volatility, data from CoinGlass shows. The figures were higher than usual for the two tokens.