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news-imageSeptember 7, 2023

DeFi Platform Synapse Faces Turmoil as Key Liquidity Provider Exits

In a stunning turn of events, Synapse, a prominent player in the world of decentralized finance (DeFi), finds itself in the midst of a crisis. The project's community is in turmoil as an unknown liquidity provider recently dumped a significant amount of SYN tokens and removed liquidity, causing a sharp drop in the coin's value.
Publisher: The Currency Analytics
Sentiment: Negative
SYN

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Synapse Token Surges 17% Following Liquidity Provider's Token Sale

In a recent turn of events, the native token of Synapse, a decentralized finance (DeFi) protocol specializing in cross-chain data transfer, has made a remarkable recovery, bouncing back by more than 17% from its recent low of $0.30. This resurgence in value follows a significant drop of 25% that occurred on Monday, attributed to a substantial sale of SYN tokens by a liquidity provider.

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Crypto Whale Abruptly Crashes Price of Ethereum-Based Altcoin Swapping to Stablecoins: On-Chain Data

A deep-pocketed investor triggered a sudden price collapse of one Ethereum (ETH)-based altcoin by swapping their token holdings to stablecoins, according to on-chain data. Blockchain tracking firm Lookonchain says that after the crypto whale sold off their large holdings of SYN, the native token of bridge protocol Synapse, the price declined from about $0.

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