Synapse price soars 40% as Binance Futures lists SYN

Following the Binance Futures news, the native token of Synapse, an interoperability protocol and cross-chain bridge, has surged.

On August 16, the Synapse (SYN) price rose above $0.57 after gaining more than 40% in 24 hours. Daily trading volume increased by 203% to over $68 million, while market value hovers around $107 million at press time after a 40% increase.

Binance Futures adds SYN

The gains of the cross-blockchain compatibility project come after leading cryptocurrency exchange Binance announced a major listing.

Futures trading allows investors to buy or sell an underlying asset (whether it’s a commodity, security, or other asset) at a specific price in the future. It’s a contract that allows cryptocurrency holders to speculate on the future price of the asset, whether it will rise or fall. Buyers or sellers are obligated to trade the asset at the agreed-upon price, and the losing bet essentially compensates the winner.

Buyers or sellers will have to buy or sell the asset in question at a specific price, with the losing bet essentially paying out to the party who correctly predicted the future price.

According to Binance, the launch of the SYNUSDT Perpetual Contract expands trading options for its users. Synapse futures on Binance went live on August 16 at 12:30 UTC and offer up to 50x leverage. The contract will be paid in USDT.

So why did the SYN price increase?

According to Sigil Fund partner Joe HedgeHog, the price of SYN is also rising amid community anticipation for the launch of the Synapse chain and Interchain network expected this August.

Additionally, one address recently accumulated over $1 million worth of SYN, adding to the upward pressure on the token.

While there is no specific major news directly related to the Synapse network, investors seem optimistic about the project’s growing visibility and upcoming milestones.

The primary price target for SYN remains the all-time high of $4.92, which was reached in October 2021.