Thanks to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days. As per Token Terminal, Synthetix’s fees and revenue gained upward momentum since 7 March and later spiked substantially on 12 March.
While these achievements suggested growth for the network, the same might not be true for its native token, SNX.SNX network’s growth seemed impressive, but the token’s state might be questionable, thanks to the whale which recently dumpedAs per Lookonchain, an address transferred 2.66 million SNX to Binance, which was worth $7.5 million. The same account had earlier spent 15 million USDC to buy 5,436,960 SNX from Synthetix Treasury between 14 and 16 March.
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