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DeFi Protocol Synapse Responds to Selling Pressure With 17% Bounce
Synapse's SYN token recovered its losses after 9 million were sold by a liquidity provider identified as Nima Capital by the protocol.
Updated Sep 6, 2023, 12:10 p.m. Published Sep 6, 2023, 12:10 p.m.
The native token of Synapse, a decentralized finance (DeFi) protocol designed to transfer data to cross-chain bridges, rebounded more than 17% from a low of $0.30 after a liquidity provider sold its SYN tokens on Monday.
The recovery came after the price slumped 25% Monday when a wallet the protocol said was tied to venture capital firm Nima Capital sold 9 million of the tokens.
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"A Synapse liquidity provider sold their SYN tokens and removed liquidity today. We're investigating unusual activity on their wallets and are working to get in touch with them. Will update once there is more info. There was no security breach of the protocol or bridge," the Synapse team wrote on X, formerly known as Twitter, at the time.
Synapse was one of the best performing crypto assets earlier this year, rallying by 44% in a single day in February as optimism around cross-chain bridges continued to rise.
Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours. Last week's highest total was $5.9 million, according to CoinMarketCap.
With interest in the token remaining relatively high, the price spiked to $0.425 following a flurry of activity on Binance during Asia hours on Wednesday. It has since lost a portion of those gains as it trades at $0.358.
The protocol has total value locked (TVL) of $113 million, according to DeFiLlama.
Nima Capital had not responded to an email request for comment by publication time.
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