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.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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