Synapse (SYN) Plummets by 25% as Tokens Sell Out in Minutes

  • An unnamed liquidity provider sold 9 million SYN tokens, causing a price drop of over 25%.
  • Synapse Labs, the company behind the project, confirmed that there are no security issues with the protocol or bridge.
  • On-chain tracking account Lookonchain revealed that the seller no longer holds any SYN tokens, having received 2.35 million USDC in return.

A sudden sale of 9 million SYN tokens by an anonymous liquidity provider led to a significant price drop, but Synapse Labs assures there are no security concerns. The seller no longer holds any SYN tokens, having exchanged them for 2.35 million USDC.

SYN Token Price Plummets Following Massive Sale

In a surprising turn of events, an unidentified liquidity provider sold a whopping 9 million SYN tokens in a matter of minutes. This unexpected move resulted in a drastic price drop of over 25%, sending shockwaves through the cryptocurrency community. The SYN token, which had dipped to $0.30 during the night, was trading at $0.35 at the time of writing.

Synapse Labs Reassures Investors

In response to the sudden sale, Synapse Labs, the company behind the SYN token, issued a statement to address investor concerns. They confirmed that they are closely monitoring the movements in the seller’s wallets and are in communication with them. Importantly, they assured investors that there are no security issues with the protocol or bridge, dispelling fears of a potential breach or hack.

Details of the Transaction

Further insights into the transaction were provided by Lookonchain, an on-chain tracking account. According to their data, the seller no longer holds any SYN tokens, having exchanged them for 2.35 million USDC. Despite this significant sale, Synapse Labs reported that the protocol still holds locked assets worth $123 million and a volume of $42 million.

Conclusion

The sudden sale of SYN tokens by an anonymous liquidity provider led to a significant price drop, raising concerns among investors. However, Synapse Labs, the company behind the project, has reassured the community that there are no security issues with the protocol or bridge. The seller no longer holds any SYN tokens, having exchanged them for 2.35 million USDC. Despite this, the protocol still holds substantial locked assets and volume, indicating its resilience in the face of such events.

BREAKING NEWS

Bitcoin Surges to $114K as QWEN3 Leads AI-Model Funds with BTC-Only Long Strategy and Nearly 100% Returns

COINOTAG News, citing CoinBob, an on-chain AI analysis tool,...

Solana (SOL) Whale Sells 99,979 SOL for $18.5M, Cross-Chains to Ethereum to Buy 4,532 ETH

According to Lookonchain data reported by COINOTAG News Update...

Solana to Slash Validator Fees with Alpenglow Upgrade, Lower Admission Threshold, and Boost Bandwidth Ahead of 2026

COINOTAG News reports that Marinade Labs CEO Michael Repetny...

Bitcoin CVD Stabilizes After Sharp Sell-off, Glassnode Finds Selling Pressure Has Eased

According to an October 26 report, Glassnode observed that...

US and EU Sanctions Complicate Russia–US Relations, Peskov Says Restoration Won’t Happen Overnight

In a media briefing dated October 26, Kremlin spokesman...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img