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 descr

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