Share this article
Dogecoin Sees Weekend Bump After Musk Tweets, Synthetix Volumes Grow to $200M
Separate catalysts saw the two tokens jump and see volatility over the weekend, with SNX rising as much as 85% in the past 24 hours.
Updated May 11, 2023, 6:41 p.m. Published Jun 20, 2022, 10:26 a.m.
Native tokens of and saw volatile trading over the weekend even as the broader crypto market fell and then staged a brief recovery on Monday.
- DOGE jumped from 5 cents to over 5.8 cents on Sunday morning as technology entrepreneur Elon Musk tweeted he will “keep supporting [d]ogecoin.” Musk added he was buying DOGE, in response to a reply.
- DOGE rose to as much as 6.3 cents in early Asian hours on Monday. It has since dropped to 5.7 cents at writing time as traders took profits on their positions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Musk’s electric car company, Tesla (TSLA) accepts DOGE as payments on its merchandise store, and Musk has previously stated he was “working with Dogecoin developers” to improve its efficiency.
- Elsewhere, Synthetix’s SNX token rose some 85% in the past 24 hours amid fundamental catalysts. The Ethereum-based exchange and synthetic assets platform was one of the first decentralized finance (DeFi) applications.
- Synthetix has trading volumes of over $200 million in the past 24 hours as its “atomic swaps” product gained traction among traders, as per analysts. Atomic swaps refer to an exchange of cryptocurrencies from separate blockchains.
- This is a significant increase from average daily trading volumes of between $500,000 to $3 million in May.
- Atomic swaps on Synthetix use live prices from Uniswap and Chainlink to ensure accurate execution for traders.
- Data shows the synthetic ether (sETH) and synthetic dollar (sUSD) was the most active trading pair with $135 million in trading volumes in the past 24 hours. Ether rose from the $940 level to over $1,100 in the same period.
- Meanwhile, futures tracking DOGE and SNX racked up a cumulative $11 million in losses to liquidations due to the volatility, data from CoinGlass shows. The figures were higher than usual for the two tokens.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
