SNX Soars 80% On Launch Competition Hype, But Critics Question Future

The native token of Synthetix, SNX, experienced a remarkable surge of over 80% in the past 24 hours, reaching its highest point since January. This rapid climb is fueled by anticipation for the platform’s upcoming decentralized exchange launch on Ethereum’s mainnet and a $1 million competition starting October 20th. While traders are bullish, some critics warn of potential pump-and-dump schemes due to Synthetix’s past product failures.