Synthetix's native cryptocurrency SNX has skyrocketed over 120% within 24 hours, reaching price levels not witnessed since prior to the 2022 market collapse. This remarkable surge has reignited discussions about the resurgence of DeFi's original "dinosaur coins" - early projects from previous market cycles.
The term "dino coin" refers to tokens launched during earlier market periods, with SNX originally entering the market in 2018, predating competing derivatives-focused tokens like HYPE and ASTER.
SNX demonstrated explosive growth from approximately $1.00 to surpass $2.20, briefly touching $2.30 before stabilizing. This price movement occurred alongside extraordinary trading volume of $758 million, representing a staggering 1,120% increase.
Market experts attribute the substantial Monday rally to growing anticipation surrounding Synthetix's upcoming perpetual decentralized exchange (DEX) deployment, scheduled for Ethereum mainnet release later this month.
Prominent trader CryptoKaleo characterized the price action as a "historic candle propelling to pre-crash highs," while other market participants described SNX as "the most explosive chart of the trading day."
"With the new Synthetix perpetual DEX preparing for launch, and considering recent challenges faced by Hyperliquid and Lighter protocols, market participants appear increasingly optimistic about Synthetix's potential," Route2FI commented on social media platform X.
Emerging Perpetual Trading Competition
Recent DeFi market dynamics have been shaped by Aster's emergence, a perpetual exchange operating on BNB Chain that captured significant market share from HyperLiquid.
Synthetix has strategically scheduled a trading competition for October 20th, potentially triggering capital rotation from alternative trading platforms.
"The dinosaur coin resurgence: SNX comeback season?" questioned analyst PrismNav, observing that Synthetix has conclusively broken a four-year downward trajectory and could potentially dominate the evolving "perpetual DEX competition" following the trading event.
The upcoming competition, reportedly featuring prominent key opinion leaders (KOLs) trading on the new platform, has become a central focus for near-term speculative activity.
SNX Price Trajectory Analysis
Although SNX previously lost visibility amid newer DEX platforms like Hyperliquid, the project's strategy to relaunch its perpetual exchange on Ethereum while expanding cross-chain liquidity through Optimism and Base networks has revitalized investor attention.
Technical analysts highlight that SNX's breakthrough above multi-year resistance levels potentially signals a sustained trend reversal following extended consolidation.
While maintaining Monday's substantial gains presents an ongoing challenge, the "dinosaur coin renaissance" narrative has unquestionably returned, with Synthetix positioned at the forefront of this market movement.