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Synthetix Token (SNX): Everything you Wanted to Know as a Beginner before Investing!

Synthetix token (SNX) is one of the most popular cryptocurrencies in the crypto market currently. In terms of market cap, it is currently the 119th largest digital currency (over US$873.01 million in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through the Synthetix coin, how it works, and many more.

What is the Synthetix Token (SNX)? How does it Work?

Synthetix, a DeFi (decentralized finance) protocol, provides on-chain exposure to many kinds of assets including both cryptocurrency and non-cryptocurrency assets. This Ethereum (ETH) blockchain-based protocol offers you (users) access to highly liquid Synths or Synthetic Assets.

Synthetic Assets (Synths) track the underlying asset and in turn provide returns without any need for you to hold the asset directly. The aim of the Synthetix platform is to broaden the crypto space through the introduction of non-blockchain assets. This will help to provide users with access to a more robust financial market.

Kain Warwick is the founder of Synthetix. He launched the network under the name Havven (HAV) back in September 2017. However, in late 2018, the company was rebranded to Synthetix. The other major personalities associated with the project are Peter McKean (CEO of Synthetix), Jordan Momtazi (COO of Synthetix), and Moses (CTO of the company).

With the help of this platform, you can trade and exchange synths autonomously. You, as a user, can also stake your bought SNX tokens to get rewarded with a share of the transaction fees on the Synthetix Exchange.

The Synthetix platform uses oracles (smart contract price delivery protocols) for tracking the underlying assets. The best part is that it allows you to trade synths seamlessly without liquidity or slippage issues. The use of oracles ensures that the platform doesn’t have to use 3rd party facilitators.

For the minted synthetic assets, SNX tokens are used as collateral. SNX tokens are locked up in a smart contract whenever synthetic assets or synths are issued. Since its launch, the Synthetix protocol has transitioned to the Optimistic Ethereum mainnet for reducing:

  • The network’s gas fees
  • Lower Oracle latency

The Synthetix token is compatible with the ERC20 standard of the Ethereum blockchain. Proof of Stake (PoS) consensus is used for securing the Synthetix network. The hodlers of SNX tokens stake their coins and in turn, earn returns from the network fees. This process of earning is also called staking rewards. The inflationary monetary policy of the protocol enables stakers to earn rewards.

Synthetix token (SNX): Facts & Figures

All these facts and figures (as of November 29, 2021) will help you to make a decision on investing in the Synthetix token. Before making Synthetix coin transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Synthetix SNX Price: US$7.60 (Current Synthetix Prices)
  • 24hour Trading Volume (24h Volume): US$72,608,496
  • All-Time High (ATH) Price: US$28.77 (reached on Feb 14, 2021)
  • All Time Low (ATL) Price: US$0.03242 (reached on Jan 05, 2019)
  • 24h Low: US$7.13
  • 7d Low: US$7.13
  • 30d Low: US$7.13
  • 90d Low: US$7.13
  • 52 Week Low: US$4.16
  • YTD (Year-To-Date) Return: -8.10% YTD (Year-To-Date)
  • Market Cap: US$873,012,960 (US$ 873.01 million)
  • Crypto Rank (in terms of market cap): 118th in the crypto market
  • Fully Diluted Market Cap: US$1,614,825,372
  • Max Supply: 212,424,133
  • Total Supply: 215,258,834
  • Circulating Supply: 114,841,533.01 SNX (54%)

If you check the Synthetix price chart and price history, you’ll find that since its launch, the price of SNX has increased by 1577.88%. Since its all-time low, it has bounced back by +23,430.53%. From its ATH at US$28.77 (achieved on Feb 14, 2021), the current SNX price is still -73.48% low. So, before buying SNX tokens, you should check the fundamental and technical factors.

Always check out market data, key metrics, comparison tools, and technical price analysis, top cryptocurrency price, and cryptocurrency news before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins, know the ways of buying cryptocurrencies, and how to earn crypto easily.

Synthetix SNX Token Price Prediction

  • According to Wallet Investor, the average price of SNX is going to reach around:
  • US$4.695 by 2022
  • According to Digital Coin Price, the average price of SNX is going to reach:
  • US$26.66 by 2025
  • According to Trading Beasts, the maximum price of SNX is going to reach:
  • US$8.31310 by 2022
  • US$10.52612 by 2023
  • US$13.72922 by 2024
  • According to GOV Capital, the average price of SNX is going to reach:
  • US$29.775 by 2022
  • US$45.375 by 2023
  • US$57.848 by 2024
  • US$63.701 by 2025
  • US$64.623 by 2026

Where can you Buy Synthetix tokens?

You can buy Synthetix coins in almost all reputed cryptocurrency exchanges including:

  • Binance
  • Coinbase Exchange
  • Huobi Global
  • FTX
  • KuCoin, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange.

The most popular price pairs of SNX are:

  • SNX/USDT
  • SNX/BTC
  • SNX/USD, and many more.

Before investing, check out Synthetix history and its historical data, crypto news, Synthetix token price charts, price performance, market updates, SNX to USD (United States Dollar) exchange rate, the value of Synthetix coin, the Bitcoin price trend (as SNX is one of the hard forks of the original Bitcoin token), trading fees, and others.

What are the Best Crypto Wallets to Store Synthetix Coins?

The best Synthetix token cryptocurrency wallets to store SNX coins are:

  1. Ledger Nano S Wallet
  2. Trezor Model One
  3. Trust Wallet
  4. Atomic Wallet
  5. MyEtherWallet

Invest in Synthetix token and Other Cryptocurrencies

You can buy and sell Synthetix and other virtual currencies against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Synthetix token markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility.

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit.

You can also diversify your crypto coin portfolio by including other digital assets such as Synthetix, XMR, FIL, ETC, WBTC, BCH, BTC ETH, AAVE, Ripple XRP, Bitcoin Ether ETH, Synthetix (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Dogecoin price, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others.

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. You can also increase your income through yield farming, using Telegram bots and other automated trading bots, and many more.

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NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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