Cryptocurrency experts name the cryptocurrency that grew by 30% and then plummeted

Synapse’s native token has skyrocketed in value by more than 30%. This happened after a large liquidity provider Nima Capital sold a significant amount of SYN tokens a day earlier.

It should be noted that the value of SYN remained relatively stable over the past week. The crypto asset was trading in the range of $ 0.42 — $ 0.44. However, then its quotes plummeted to $ 0.31 in just a few minutes. Within a day, they managed to recover to around $ 0.36, and then to $ 0.42.

However, after two sharp jumps, the price of the cryptocurrency fell again. According to CoinMarketCap, at the time of writing, the token is down 4.37% and is trading at $ 0.33. The total supply of coins on the market amounted to 47.35 million, and traders made daily trading deals worth $ 2.07 million.

The manipulation of the SYN exchange rate led to the fact that a wallet owned by the venture capital company Nima Capital suddenly brought 9 million tokens to the market, worth about $ 4 million.

«Liquidity provider Synapse has sold its SYN tokens and removed liquidity. We are investigating the unusual activity in the company’s wallets and are working to contact management. We will update as soon as we have more information. Don’t worry, we have not detected any protocol security breaches or attacks on the bridge,» the Synapse team wrote on the X platform (formerly Twitter).

It should be added that Synapse was one of the most effective crypto assets in early 2023. However, over the past 30 days, the token’s value has already dropped by 37.4%.