🌎 Synapse Token Surges 40% After Binance Futures Listing Announcement

Synapse, an interoperability protocol and cross-chain bridge, has experienced a significant surge in its native token following news from Binance Futures.

On August 16, the price of Synapse (SYN) increased by over 40% in 24 hours, reaching more than $0.57. Daily trading volume rose by 203%, exceeding $68 million, while market capitalization stood at approximately $107 million during the spike.

The Impact of Binance Futures Listing

The upward trend for this inter-blockchain compatibility project was driven by a major listing announcement from Binance, a leading crypto exchange.

Futures trading allows traders to speculate on the future price of an asset, whether it be a commodity, security, or other assets. This type of trading involves a contract where buyers or sellers are obligated to transact the asset at an agreed price in the future, with the losing side compensating the winning side.

According to Binance, the introduction of the SYNUSDT Perpetual Contract broadens trading options for its users. Synapse futures trading on Binance commenced on August 16 at 12:30 pm UTC, offering up to 50x leverage. The contract settlement is in USDT.

Additional Factors Contributing to SYN’s Price Rise

Sigil Fund partner Joe HedgeHog noted that SYN’s price is also climbing due to community anticipation surrounding the upcoming Synapse chain and Interchain network launch expected this August. Furthermore, a significant address recently accumulated over $1 million worth of SYN, likely contributing to the token’s upward momentum.

While there is no specific major news directly related to the Synapse network, traders are optimistic about the project’s increased visibility and forthcoming milestones. The key price target for SYN remains its all-time high of $4.92, achieved in October 2021.