Synthetix soars 120% as derivatives Hype reignites DeFi’s 'dino coin'

Synthetix’s native token SNX has jumped more than 120% in the past 24 hours, reclaiming levels not seen since before the 2022 market crash and sparking fresh conversation around the return of DeFi’s earliest “dino coins.”

A dino coin is a colloquial term for a token or coin that has was issued in a previous market cycle, in this case SNX was issued in 2018, well before rival derivatives-linked tokens like HYPE and ASTER.

SNX rose from roughly $1.00 to over $2.20, briefly touching $2.30 before consolidating on the back of $758 million in daily trading volume, a 1,120% rise.

Traders and analysts attribute the Monday rally to renewed attention on Synthetix’s forthcoming perpetuals DEX launch, expected to be released on the Ethereum mainnet later this month.

Crypto trader CryptoKaleo described the move as a “god candle back to higher highs from before the market crash,” while another labeled SNX “the wildest chart of the day.”

“The new Synthetix perp DEX will soon launch, and after both Hyperliquid and Lighter had some hiccups, I am sure there is new optimism on what Synthetix can deliver,” Route2FI wrote on X.

Upcoming perpetual war?

The past month in DeFi was characterized by the rise of Aster, a perpetual exchange on BNB Chain that took market share away from HyperLiquid.

Now, Synthetix is hosting a well-timed trading competition on Oct. 20, which could lead to a rotation of capital from other trading venues.

“Rise of the Dino Coin, $SNX comeback szn?” wrote analyst PrismNav, noting that Synthetix has now broken a four-year downtrend and could lead the so-called “perp DEX war” in light of the trading competition.

That event, which will reportedly invite high-profile KOLs (key opinion leaders) to trade on the new platform, has become a focal point for short-term speculation.

What next for SNX?

While SNX faded from the spotlight amid the rise of newer DEXs like Hyperliquid, the project’s plan to re-establish 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 retain Monday's gains remains to be seen, but for the time being; the “rise of the dino coin” narrative is back and Synthetix is leading the charge.