Despite pullback, top Ethereum token Synthetix (SNX) is seeing heavy accumulation

Synthetix Ethereum Defi DappToken

Before the craziness of yearn.finance (YFI) and Ampleforth (AMPL), the hottest token in decentralized finance was arguably Synthetix Network Token.

Trading with the ticker SNX, the crypto asset had seen a parabolic explosion higher. Synthetix Network Token is the native token of the Synthetix protocol, an Ethereum-based DeFi platform that focuses on offering on-chain synthetic exposure to altcoins, stocks, precious metals, and other asset classes.

But as CryptoSlate covered, the asset underwent a strong drop as capital cycled from altcoins into Bitcoin and Ethereum, which ripped higher.

SNX is seeing “heavy accumulation” despite drop as altcoin profits cycled into Ethereum

SNX fell from its all-time high price of basically $4.00 to $2.62 in the span of a week. The altcoin has since bounced back, trading at $3.52 as per CryptoSlate data.

Data from crypto data from Viewbase shared by crypto commentator Humboldt Capital indicates that investors have largely been confident throughout this volatility.

Approximately 102,000 SNX — worth over $350,000 — have been withdrawn from leading exchanges that support it in the past 24 hours. This 102,000 SNX sum is about 1.7 percent of all of the cryptocurrency currently deposited on the exchange.

At this rate, assuming no deposits of the coin, all SNX will be out of exchange wallets in out of two months. Read More

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound