Synthetix (SNX) Investors Are Accumulating the Coin In Waves

It’s been a tough past few days for the entire crypto market. Synthetix Network Token (SNX), in particular, has dropped rather hard: the coin is down 5% in the past 24 hours alone and nearly 20% below the local highs.

Despite the drop and widespread range trading seen over the past month, investors are bullish.

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Synthetix Network Token (SNX) Is Being Accumulated En-Masse: Blockchain Data

According to Matt Casto, a crypto-asset analyst working for CMT Digital, there are clear signs that SNX is being accumulated en-masse. He shared on the data he compiled:

“September had the two largest daily quantites of SNX bought on DEXs (9/5 and 9/6) so far this year and was the month with the most SNX acquired. Large holders have been accumulating since July, and large buys posted last month with lower trader counts. Disclosure: I am long SNX.”

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Reasons to Be Excited

SNX holders have reason to be excited.

Over recent weeks, Synthetix has been rolling out a test layer-two scaling solution in collaboration with Optimism.

Optimism is an Ethereum-focused developer group working primarily on a network called Optimistic Ethereum. The network is a second-layer chain that uses a technology called Optimistic Rollups to decrease the cost of transactions while also increasing throughput.

The solution rolled out right now is only a test/beta for retail users that hold one to 2,500 SNX tokens. However, soon, Synthetix is expected…

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