Will SNX reach $1000? Synthetix Price Prediction 2023-2030
Synthetix Price Prediction: Discover Synthetix, a DeFi protocol using SNX as collateral for synths, with moderate potential as an investment.
Latest SNX Price
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||57.1%||Lower|
Before we get into Forecasts, let us quickly look at the latest news and understand if Synthetix is a good investment.
SNX Price Performance So Far
- Last 1 month: -13.3%
- Last 12 Months: -11.1%
- Since Launch (2018): +346.6%
Synthetix Price Prediction Today, Tomorrow and Week
- Synthetix Price Prediction in the next 24 hours is between $3.35 and $3.37
- Synthetix Price Prediction this week is between $3.23 and $3.52
|1. Market's Wisdom||Neutral|
|1a. Market Data||Neutral|
|1b. Technical Recommendation||Neutral|
|2. Crowd's Wisdom||Bearish|
|2a. Social Media Buzz||Lower|
|2b. Social Media Sentiment||Lower|
Synthetix Price Prediction 2023, 2025 and 2030, Aggregated
- Synthetix Price Prediction 2023 is $3.70
- Synthetix Price Prediction 2024 is $5.52
- Synthetix Price Prediction 2025 is $8.40
- Synthetix Price Prediction 2026 is $11.4
- Synthetix Price Prediction 2027 is $13.7
- Synthetix Price Prediction 2028 is $18.1
- Synthetix Price Prediction 2029 is $25.6
- Synthetix Price Prediction 2030 is $26.9
SNX Price Prediction: Will SNX reach $1000?
Synthetix will have to rise 400 times to reach $1000. At $1000, SNX’s market cap would be $250 Billion. Ethereum’s market cap today is about $240 Billion. It was at the same level as Synthetix (today) in 2016. It took 5 years for Ethereum to rise from $600m (Synthetix’s current market cap ) to $250 Billion.
There are multiple reasons why Synthetix will not be able to replicate Ethereum’s performance
- COVID kind of crisis is 100 years kind of affair, it is unlikely such excess liquidity will be available in the near future
- Ethereum operated in a different competitive environment than Synthetix.
- Synthetix operates in a narrower segment than Ethereum
This is evidenced by the fact that Synthetix’s price continues to underperform Ethereum’s price. As things stand today SNX is unlikely to reach $1000 but things could change under the following conditions
- SNX survives for the next 10-20 years
- SNX differentiates/ innovates substantially from the market
- Major macro liquidity event that pushes valuations to abnormal levels.
SNX Price Prediction: Will SNX reach $100?
Synthetix will have to rise 40 times to reach $100. At $100, SNX’s market cap would be $25 Billion. If SNX were to rise at the rate of 25% every year, it would take it 16 years to reach $100.
Now to evaluate Synthetix on each of the criteria
- Quality of Investment: Moderate
- Growth required to reach $100: Moderate
- Market Cap expectations: Moderate
- Time required to reach $100: Moderate
Overall, it appears SNX has a moderate chance of reaching $100. Synthetix will need to burn 25-50% of the Tokens to reach $100.
Synthetix Price Prediction: Is SNX a Good Investment?
Synthetix is a derivatives liquidity protocol built on the Ethereum blockchain that enables anyone to trade derivatives in the DeFi space. Here is how this works
- The protocol provides on-chain exposure to a wide variety of crypto and non-crypto assets, offering unique derivatives and exposure to real-world assets on the blockchain.
- Synthetix can issue synthetic assets, called synths, which are voted into existence by the community and can be in any form, including cryptocurrencies, fiat, stocks, or any commodities with a price
- Users can bet on the value of these synths through smart contracts and dApps, making Synthetix DeFi’s answer to futures.
The protocol’s governance structure includes three DAOs responsible for funding, community proposals, and developing smart contracts and updates. Synthetix shifted to Optimism Layer 2 Ethereum, enabling lower gas prices and better scalability, allowing the protocol to keep growing with new features.
The protocol relies on two tokens, SNX and synths, to operate and uses Chainlink’s decentralized oracles to collect the prices of all the assets it can issue, ensuring accurate valuation
Whether the Synthetix Network token (SNX) is a good crypto investment depends on individual investors’ risk appetite and research. SNX serves as collateral for synths, and holders receive a share of the fees generated from the platform. The token’s value has been volatile, but it has experienced significant growth in recent years. However, investors should consider the risks of investing in any crypto asset, including regulatory and market risks.
The Synthetix ecosystem consists of several projects that use its protocol – Curve, Thales and Yearn Finance are some of the more well-known projects
What is the Use of SNX Token?
Synthetix Network Token (SNX) is an Ethereum ERC-20 token that powers the Synthetix platform.
- SNX is used as collateral to create synths, which are synthetic assets that can be traded with other users on the platform.
- SNX holders can also participate in governance, allowing them to influence decisions on the protocol.
- SNX is also used to reward investors.
- Staking SNX is a simple process that can be done through apps like Mintr, which rewards users for helping to manage the system.
Latest Updates: Synthetix and Lido Finance have announced the launch of a new trading rewards program aimed specifically at Lido Staked Ether ($stETH) traders. The program will allocate 1,500 Optimism (OP) tokens per week to stETH perpetual (perps) traders. The rewards epoch is set to begin on July 18th at 10 pm UTC. This rewards program is an addition to the existing Synthetix Perps Optimism Trading Incentives program, which currently distributes 300,000 OP per week to traders.
Polynomial Finance, a decentralized derivatives exchange is utilizing the Synthetix protocol on the Optimism layer 2 scaling solution to provide a user-friendly trading interface. It offers Synthetix Perps, which reduce fees and enhance scalability, capital efficiency, and overall user experience. Polynomial has also joined the Synthetix Optimism Trading Incentives Program, offering rewards to traders in the form of Optimism (OP) tokens. As part of its roadmap, Polynomial plans to continually refine its platform for a better user trading experience, further highlighting the capabilities of Synthetix in the DeFi trading space.
Overall, SNX appears to be a Moderate case for Investment
Synthetix Price Prediction: How to buy SNX Token?
Here are the steps to buying SNX crypto:
- Finding the Exchange where the SNX coin is listed
- Create an account with the Exchange
- Verify your identity
- Fund the Wallet
- Make the Purchase
The exchanges where SNX can be traded are Cypto.com, Binance, KuCoin, etc.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.