Synthetix Soars 120% as Derivatives Hype Reignites DeFi’s ‘Dino Coin’

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Markets

What to know:

  • Synthetix (SNX) jumped over 120% in 24 hours, climbing from $1.00 to above $2.20 amid surging trading volumes and renewed DeFi enthusiasm. It’s almost like everyone suddenly remembered this thing existed.
  • The rally coincides with anticipation for Synthetix’s new perpetuals exchange on Ethereum and a trading competition set for Oct. 20, drawing prominent traders. I’m sure they’re all secretly hoping to win a “gold star” for trading excellence.
  • Analysts say SNX’s breakout above a four-year downtrend could mark a comeback for older “dino coins” – legacy tokens gaining traction amid a new wave of on-chain derivatives hype. Yes, that’s right, the dino coins are back, dusted off, and ready for their close-up.

Synthetix’s native token SNX jumped more than 120% in the past 24 hours, according to CoinDesk market data. It’s back to levels not seen since before the 2022 market crash. So, guess what? The “dino coins” aren’t dead! Maybe they were just in a long nap, like a really, really long nap.

A “dino coin” is basically a term for any token that’s been around longer than your grandma’s rotary phone. In this case, SNX was issued in 2018-before all those flashy new derivatives-linked tokens like HYPE and ASTER came around to steal the spotlight.

SNX rose from around $1.00 to over $2.20, briefly touching $2.30 before consolidating on the back of $758 million in daily trading volume. That’s a 1,120% rise. Whoa, hold on there-don’t get too dizzy from all the action!

Traders and analysts attribute this Monday rally to the shiny new Synthetix perpetuals DEX launch, which is happening later this month on the Ethereum mainnet. Guess who’s excited? Everybody, apparently.

Crypto trader CryptoKaleo called it a “god candle back to higher highs from before the market crash.” Oh, okay, because “god candles” are totally normal in crypto. Another trader referred to SNX as “the wildest chart of the day.” Well, if you say so.

“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,” wrote Route2FI on X. Let’s hope it doesn’t turn into a full-on circus.

Upcoming perpetual war?

The past month in DeFi has been like a rollercoaster, with the rise of Aster, a perpetual exchange on BNB Chain, coming out of nowhere and taking market share away from HyperLiquid. Honestly, I didn’t even know we needed another perpetual exchange, but here we are.

Now, Synthetix is hosting a trading competition on Oct. 20, which could lead to a capital rotation from other trading venues. I mean, if you’re into that sort of thing, it could get interesting.

“Rise of the Dino Coin, $SNX comeback szn?” asked analyst PrismNav. Apparently, Synthetix breaking a four-year downtrend means they’re ready to lead the so-called “perp DEX war.” Oh, and did I mention it’s all happening right when the trading competition’s taking place? Coincidence? I think not.

This event will reportedly feature high-profile KOLs (key opinion leaders) who’ll trade on the new platform. I’m sure they’ll all wear “I’m a KOL” T-shirts just to let everyone know how important they are.

What next for SNX?

While SNX faded from the spotlight as newer DEXs like Hyperliquid came along, Synthetix is trying to get back in the game with its perp exchange on Ethereum and plans for cross-chain liquidity through Optimism and Base. It’s like an old dog trying to learn new tricks, but hey, we’ll see how it goes.

Technical traders are already whispering that SNX’s breakout above multi-year resistance could signal a trend reversal. Will SNX hold onto these gains? Who knows. But for now, the “rise of the dino coin” narrative is back, and guess who’s leading the charge? You guessed it-Synthetix. It’s like your dad’s favorite rock band making a comeback tour.

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2025-10-13 14:10