Crypto Push

​DeFi insurance claims amounted to $34.4 million in 2022: Report Decentralized finance (DeFi) analytics firm OpenCover released a report on 22 March, revealing that DeFi insurance companies paid out $34.4 million in claims in 2022. Notable DeFi claims in 2022 include $22.5 million from the Terra [USDT] ecosystem’s demise in May and $4.7 million from the demise of crypto exchange FTX in November. In context, since OpenCover began tracking the data, insurance companies have only paid out $36.9 million in claims. Despite the increase in payouts, only $231 million in funds in DeFi protocols had been insured, representing only 0.5% of the total value locked in the industry, the report mentions. DeFi insurance has grown to include eight major categories: protocol loss coverage, stablecoin de-peg coverage, yield token coverage, custodial account coverage, audit (smart contract bug) coverage, slashing coverage for professional validators, and other customized coverage. The report mentioned: “At the time of writing, the total value of underwriting capital pools tracked by OpenCover amounts to $286 million (186k ETH) with a low of $210 million and high of $394 million in the last 9 months. The current value is 26% lower than the period maximum in USD terms.” DeFi exploits totaled $3.64 billion in 2022 As per a January report published by the Chinese blockchain security firm LianAn Technology, DeFi exploits across blockchains worldwide totaled $3.64 billion in 2022. This represented a 47.4% surge over the $2.44 billion loss in 2021. Despite an 80% drop in total value locked (TVL) during 2022, the number of incidents increased. The majority of exploits were directed at Ethereum [ETH], BNB Chain [BNB], and Solana [SOL]. In 2022, 51.5% of the 167 notable incidents occurred in audited projects, while 48.5% occurred in non-audited projects. Hackers laundered Tornado Cash worth $1.40 billion in funds. However, the firm could only recover $289 million in funds. In 2022, the total global blockchain-related crime, excluding financial crimes, amounted to $13.7 billion. Money laundering ($7.33 billion) topped the list, followed by DeFi exploits ($3.6 billion), multilevel marketing scams ($1.0 billion), and fraud ($830 million).

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​Is XRP making a comeback to Coinbase? Here’s what you need to know Coinbase, the largest U.S.-based cryptocurrency exchange, may have given the XRP community one of the biggest reasons to cheer. In an interview with Thinking Crypto host Tony Edward, Coinbase’s Chief Legal Officer (CLO) Paul Grewal hinted that the exchange might relist XRP if the verdict in the two-year-long Ripple vs. SEC lawsuit comes in the former’s favor. “I am very eager as anyone else to see how the court rules and what I can say, as soon as we have the ruling, we will put in our process to see if we need to revisit our listing decision.” However, the CLO added that the conditions for the same will depend on the basis for the ruling, the judge’s legal reasoning, and Coinbase’s assessment of whether or not the appeals court will uphold the decision. Coinbase announced the delisting of XRP from the exchange in December 2020, soon after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs over claims that the token was a security. The crypto community awaits summary judgment Notably, the controversial case is moving to its conclusion, as the verdict is speculated to come in the first half of 2023. Ripple CEO Brad Garlinghouse earlier said that he was confident of Ripple’s chances. The verdict could have significant implications for the wider cryptocurrency market. The laws governing the status of cryptocurrencies as commodities or securities are still not very clear. There were early signs that after XRP, U.S. regulators were training their guns on the second-largest crypto in the ecosystem, Ethereum [ETH]. Recently, New York State Attorney General Letitia James filed a lawsuit against the crypto exchange Kucoin for issuing tokens that fit the definition of securities. One of the tokens mentioned in the lawsuit was ETH. Whales spring into action Meanwhile, anticipating a favorable decision, whales started to amass XRP in bulk. The number of addresses holding between 1,000 to 1 million coins increased significantly over the past month, as per Santiment. A reason for the accumulation could be that most sellers were giving away tokens at a discount, as shown by falling transaction volume in profit. The 30-day MVRV Ratio treaded in negative territory, which lent further credence to the observation. The negative MVRV Long/Short Difference highlighted that short-term holders will realize higher profits. Moreover, at the time of writing, XRP jumped 4.55% in the 24-hr period, as per CoinMarketCap.

​Circle CEO: $3.3 Billion stuck at SVB may be recoverable Jeremy Allaire, the co-founder and CEO of Circle, recently appeared in an interview with Bloomberg. The executive addressed the recent turmoil in the banking industry and its impact on USD Coin. Allaire shared his thoughts on the likelihood of recovering the billions of dollars stuck at the recently-closed Silicon Valley Bank. Crypto needs protection from traditional banking In the interview, the Circle executive pointed out the changing circumstances in the crypto-industry. According to Allaire, the sentiment that the traditional banking system needs to be protected from exposure to crypto-assets is no longer valid. He believes that recent developments have proved that the tables have turned and its crypto-entities that need to be protected from the failures of traditional banks. Speaking on the exposure to Silicon Valley Bank, Allaire revealed that Circle was able to access its funds deposited in the shuttered bank, as of 13 March 2023. The USDC issuer has a whopping $3.3 billion deposited at SVB. Those funds are part of the $40 billion reserve that backs its stablecoin. USDC lost its peg to the US dollar after the firm’s exposure to Silicon Valley Bank was revealed. The stablecoin was trading at as low as $0.88 in the hours following the turmoil at SVB. It has since recovered to $0.99 and is once again USD-pegged. In fact, according to Circle’s Jeremy Allaire, “I believe that we have the safest digital dollar on the internet, and that’s really critical.” In a Twitter thread earlier this week, Allaire had also revealed that a majority of USDC’s cash reserves were held at Bank of New York Mellon. At the time, Circle had initiated a transaction to transfer the $3.3 billion out of SVB, 3 days before the bank was shut down. Ergo, it is expected that the Federal Deposit Insurance Corp will honour the transfer request, allowing the funds to be deposited in a different banking institution in full.

​Shibarium: Public beta version goes live, here’s how you can test it The beta version of the highly-anticipated layer-2 blockchain, Shibarium, has been released and the flagship offering from the Shiba Inu [SHIB] ecosystem will be called ‘Puppynet’. The lead developer of the project, Shytoshi Kusama said in a blog post that Shibarium will enable users to build dApps on the chain and integrate businesses with it. As per CoinMarketCap, SHIB’s value increased to $0.00001033 at press time, recording a marginal gain of 3% since the news of the release was made public. A big leap for memes! Shytoshi introduced a Shibarium Technology intake form for those looking to build on the network. He added that documentation for validators will be released next week, using which they could set up test nodes. But amidst the excitement, Shytoshi had a piece of advice for the SHIB community. He reminded them not to spend their token on Puppynet as the current version is only for testing purposes. Regarding the burn mechanism, the lead developer mentioned that SHIB burns would depend on the transactions in the network and a new chart for burned tokens will be integrated into the burn portal. However, data from Shibburn revealed that the burn rate declined by over 95% in the last 24 hours, with over 23 million tokens removed from circulation. SHIB gets the energy pill! SHIB token became a favorite of big addresses as data from WhaleStats pointed out that it was the most traded token among the top Ethereum [ETH] whales at the time of writing. On the other hand, SHIB’s supply on exchanges dropped, indicating that holders anticipated a rise in SHIB’s price and preferred HODLing the tokens, as per Santiment. The network growth also increased as new addresses found SHIB lucrative. The cumulative effect of these metrics pushed the investors’ sentiment high into the positive territory. SHIB has been struggling of late due to stronger macroeconomic factors but technical indicators signaled a revival at press time. The Relative Strength Index (RSI) was on an upward trajectory while the On Balance Volume (OBV) had a similar story to narrate. The Moving Average Convergence Divergence (MACD) made a bullish crossover, suggesting that demand for SHIB could escalate in the coming days.

​Mt. Gox’s largest creditor plans to retain Bitcoin payout which means.. Mt. Gox Investment Fund, the largest creditor of Mt. Gox, has revealed that it plans to keep the BTC returned by the Tokyo-based defunct crypto-exchange. The fund became the largest creditor after acquiring the claims against Mt. Gox. Relief for BTC holders worried about selling pressure According to a report by Bloomberg, the Mt. Gox Investment Fund does not plan to sell the tokens that it is set to receive later this year in September. People familiar with the investment fund’s plans revealed that the Bitcoin payout will be retained. The investment fund made headlines last month after it chose to go for an early payout in the form of Bitcoin, rather than fiat currency. The massive Bitcoin payout for the investment fund was well received by holders of the flagship currency. Many of whom were concerned about a market dump by Mt. Gox trustees to pay their largest creditor. However, the positive sentiment dissipated when the crypto-community started speculating about the possibility of Mt. Gox investment fund selling their massive Bitcoin stash after receiving it in September. The latest news from the investment fund will do well to put any concerns about BTCs flooding the market to rest. The defunct exchange’s bankruptcy trustee held more than 141,000 BTC, in addition to Bitcoin Cash and cash, as of September 2019. At the current conversion rate, the BTC stash would be worth $3.1 billion. As for Mt Gox’s other creditors, the deadline to register for claims and the repayment has been pushed by a month. Creditors now have until 6 April 2023 to file claims against the bankrupt crypto-platform. The distribution of assets to creditors will commence on 30 October.

​Polkadot [DOT] stays ahead of the competition in this area Things have been relatively calm and quiet on the Polkadot front but a lack of excitement was seen for both the network and the DOT cryptocurrency. Investors’ attention has been shifting elsewhere but Polkadot is still winning in one key area. For perspective, most of the top Polkadot metrics align with the market slowdown observed in the last few weeks. For example, on-chain volume achieved a monthly peak between 18 and 20 February. The volume tanked since then and was rapidly approaching its 4-week lows, at press time. The low volume also aligns with Polkadot’s liquidity outflow observed within the same period. The network has so far lost roughly $1.6 million from its market cap in the last 2-3 weeks. Social volume has been relatively weak for the most part within the last four weeks. It reflects the low enthusiasm or engagement pertaining to Polkadot. On the other hand, the latest observations in the derivatives market revealed some interesting outcomes. Both the Binance and DYDX funding rates have demonstrated some weakness, especially since the start of March. The Binance Funding rate in particular briefly fell to the lowest monthly level on 3 March. Polkadot takes the lead in the development The Polkadot and Kusama networks have secured the top spot in GitHub’s weekly development activity list. It surpassed rival top networks such as Cardano and Ethereum. This was a healthy sign, Polkadot has remained heavily focused on development despite the market headwinds. However, DOT’s price action has been on a bearish trajectory for the last two weeks despite Polkadot’s strong development activity. The cryptocurrency’s performance is largely tied to the overall market conditions, but can the healthy development lead to support a sentiment shift? DOT’s sell pressure has been strong enough to push it below the 50% RSI level. It has been inching closer to oversold territory but it still has some more downside before it becomes oversold. Also worth noting is that the cryptocurrency is rapidly approaching a key support level at the $5.65 price range. Well, the prevailing market FUD may push the price below support, wiping out more of the YTD gains. DOT traded at a healthy 40% premium at press time from its 6-month lows despite the bearish conditions.

​Ethereum [ETH] nosedives as Shanghai Upgrade gets pushed to April The much-anticipated Shanghai Upgrade that would enable the withdrawal of staked Ethereum [ETH] has been pushed to the second week of April, as decided during the network’s core developers’ call. Much to the disappointment of stakers who were eagerly looking for an end to the two-year wait, the developers arrived at the consensus that the mainnet launch for the upgrade would happen a month after the Goerli testnet launch which was fixed for 14 March during the call. One of the developers suggested an earlier date for the Goerli launch as it will allow more time between Goerli and the mainnet launch. There was a proposal to have Goerli launch on 16 March but it was dropped in favor of 14 March so as to have enough time to analyze and discuss the outcomes on the next core developers call which would fall on 16 March. The test on Goerli will be the last dress rehearsal for the upcoming Shanghai Upgrade. According to the developers, the Sepolia testnet launch went smoothly barring a few infrastructure-level issues. State of Staking As per data from Glassnode, the overall staking activity on Ethereum saw decent growth over the previous week. At the time of writing, nearly 17.5 million ETH was locked in the network’s smart contracts, representing a week-over-week growth of 3%. The growth in the total number of validators followed the same trajectory. However, the rate at which new ETH was being staked plunged 82% over the previous week. This could have been due to a lack of clarity around the Shanghai Upgrade mainnet launch date. As per Staking Rewards, the total amount of ETH staked at press time represented more than 14% of ETH’s total circulating supply. Negative sentiment steps in The news of the delay pulled ETH to its lowest value in over two weeks, as per CoinMarketCap. The king of the altcoins plunged 4.64% in the last 24 hours to trade below $1600. ETH’s Long/Short Ratio dipped below one. Thus, indicating that the number of long positions dropped. This could be due to investors’ bearish outlook toward the coin.

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​Investors bearish on Solana [SOL] as continued outages stem momentum According to a tweet by Santiment, Solana’s [SOL] social volume reached a six-month high after the chain was hit by yet another network outage recently. Moreover, significant FUD gripped the community even as words like ‘concern’ and ‘outage’ were frequently used in tandem with SOL in recent days. Santiment added that disruptions like these have triggered panic selling in the past. But should SOL holders be worried? Outages are not helping SOL’s cause Since the outage on 25 February, Solana dropped by 3% until press time, data from CoinMarketCap revealed. SOL’s drag was more prominent over the last seven days, during which it declined by 11%. A look at Santiment’s data showed that the trading volume diminished significantly, a 65% drop since the weekly peak on 20 February. The dip in trading activity could be due to declining investor sentiment, which was deep into the negative territory at the time of writing. On the other hand, the development activity rose sharply, indicating that developers were continuously polishing and upgrading network features. According to Coinglass, the number of long positions for Solana was less than short positions, implying that bulls were averse to betting on the coin. The Longs/Short Ratio steadily declined over the last 10 days. SOL’s Open Interest (OI) declined and matched the trajectory of its price, per data from Coinalyze. A declining OI in a falling market was a bearish signal as more long-term holders were liquidating their positions. Solana’s tainted history Solana suffered its first major network outage of 2023 in the last week, which lasted for nearly 20 hours. But tech disruptions for Solana aren’t a new phenomenon. It was hit by several network outages in 2022 as well. In an interview, Solana co-founder Anatoly Yakovenko termed network outages as Solana’s curse. Most network outages were caused after validators struggled to process transaction loads during peak hours.

​Cardano’s development update looks bullish, but can it save ADA from bears? Cardano’s [ADA] development activity was on a decline after the Valentine upgrade was pushed earlier this month. However, the situation seems to have changed in the recent past as Santiment’s chart revealed that Cardano’s development activity metric took an upward path after 23 February. Thanks to the efforts put in by the Cardano ecosystem over the last few days. What are the reasons for the uptick? Well, Cardano recently published the latest edition of its weekly development report, which highlighted the notable updates that happened in its ecosystem in the last seven days. As per the report, Cardano’s networking team fixed some issues in the peer-to-peer (P2P) code. The team also finished the Eclipse evasion design phase, which is essential for Ouroboros Genesis protocol functionality. To clear the air, the Eclipse evasion implementation is intended to provide an eclipse evasion scheme, which is important for the safety of Genesis. Apart from this, the team also released an updated set of network packages to be integrated with the Cardano-node master branch. Moreover, the consensus team examined the system-level benchmark results for UTXO HD, which revealed a substantial performance regression. While the Daedalus team worked on LedgerJS package updates to ensure efficient support for hardware wallets, the Adrestia team kept working on extending the multi-signature feature with delegation functionality in the Cardano wallet. The report also mentioned the updated statistics of Cardano. The network’s total native tokens exceeded 7.8 million and the total projects launched on Cardano reached 117. Moreover, it was revealed that the total number of transactions in the Cardano network touched the 61.8 million mark. Is your portfolio green? Check the Cardano Profit Calculator Did ADA benefit? While development activity was up, ADA’s performance on the price front was not promising. As per CoinMarketCap, ADA’s price declined by more than 9% in the last seven days. At press time, it was trading at $0.3636 with a market capitalization of over $12.6 billion. In fact, ADA’s MVRV ratio went down considerably in the last few days, thanks to the price plummet. Moreover, its daily active addresses, after spiking on 20 February also tumbled. Thus, suggesting a lower number of users on the network. However, despite the price drop, ADA’s demand in the derivatives market remained consistent as its DyDx funding rate was relatively high. Positive sentiments around ADA strengthened quite a few times last week, reflecting investors’ faith in the token.

​BLUR hype skyrockets: To HODL or to sell, that is the question According to a tweet by Blur’s [BLUR] official account on 20 February, the overall gas usage in the ecosystem increased. This occurred due to its growing prominence in the NFT space as more users started using the platform. One reason for the growing fees on the network would be its high daily activity, which surpassed OpenSea. According to Dune Analytics’ data, Blur accounted for 82% of the overall volume in the NFT space. Due to this high activity, the Total Value Locked in smart contracts on the network increased as well. The TVL stood at $128.8 million at press time, according to Token Terminal’s data. To capitalize on this current dominance, Blur announced a token distribution. The tokens will be distributed on the basis of “loyalty”. Loyalty is calculated by how an NFT collection is listed on the platform. Users will get a 100% loyalty score if their NFT collections are listed only on Blur and nowhere else. What does Blur’s future hold? Despite the prominence of the protocol, BLUR token’s price fell immensely by 22% in the last 24 hours, according to CoinMarketCap. Even though the price of the token was falling, whales continued to show interest. This was indicated by the data provided by Santiment, through which it was observed that the percentage of large addresses holding the token increased. Along with that, the activity around the token surged. A high velocity suggested that the frequency with which BLUR was being traded was getting high. However, even though there was high activity surrounding the token, new addresses weren’t interested in BLUR. This was showcased by the declining network growth of the token. A falling network growth suggested that the number of times new addresses were transferring the token had decreased. Overall, despite the protocol showing improvements, the activity of the token was too volatile. Investors should proceed with caution as the hype around the BLUR has made the token too vulnerable to price fluctuations at the time of writing.

​Is USDC the next Stablecoin to crack under the weight of regulatory pressure? Stablecoins found themselves in the crosshairs of the latest regulatory FUD. BUSD was the most affected stablecoin in that regard and others have managed to stay unaffected. From the looks of things, USDC just came close to being the next victim and the worst may not be over. The recent regulatory pressure forced many crypto companies to re-evaluate their strategies in the U.S. and among them is Binance, rumored to be terminating its relationships with United States-based companies including Circle, the company that issues USDC. While the rumors have been dispelled, one can easily imagine how such an outcome would have locked out USDC from accessing robust volumes from the U.S. market. But has the danger really passed? From a regulatory point of view, Circle, the company behind USDC is regulated and audited in the United States. This means there is a lower risk of USDC finding itself being sidelined due to regulatory pressure. Assessing USDC volume under the latest conditions It might be interesting to see how the current conditions in the market have so far influenced the USDC demand and volume. We did see an initial surge in USDC volume on the Binance smart chain from around 12 February before peaking on 16 February. One of the potential reasons for this is the surge in demand for the overall crypto market, hence boosting the demand for stablecoins as trading volumes surged. However, the USDC volumes on the BSC dropped substantially on Friday and Saturday (17 and 18 February). The main reason for this is likely the Binance FUD which affected BUSD for the most part before trickling down to USDC. Similarities are observed with USDC volumes on the Ethereum network whose volume also peaked on 16 February before tanking in the last two days. This confirms that there is no isolated scenario where traders are abandoning USDC in favor of other stablecoins despite FUD attempts. The above outcome reveals that the Binance FUD did not have an impact on USDC volumes or demand. Instead, the volumes were largely driven by prevailing market conditions. In addition, USDC’s market cap has seen a pivot in the last few days. That being said, USDC was on an overall downward trajectory prior to the recent pivot on 13 February. This reflects well on its health despite rising concerns.

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​Tighter rules to control crypto custody? The SEC says… The United States Securities and Exchange Commission (SEC) has given the go-ahead to a new crypto proposal. According to it, cryptocurrency firms will have a harder time serving as digital asset custodians in the country. As per SEC Chairman Gary Gensler’s statement, the said proposal, pending official approved by the regulating body, recommends amendments to the 2009 Custody Rule that will apply to custodians of all assets, including cryptocurrencies. Normally, a qualified custodian is a federal or state-chartered bank or savings association, trust company, registered broker-dealer, registered futures commission merchant, or foreign financial institution, according to the SEC. According to Gensler, some cryptocurrency trading platforms that offer custody services are not actually qualified custodians. To become a qualified custodian under the newly proposed rules, all firms operating in the U.S. have to segregate all custody assets, including digital. There will also be additional hoops, such as annual audits from public accountants, among other transparency measures. The SEC chairman said: “When these platforms go bankrupt—something we’ve seen time and again recently—investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court.” Citing the industry’s track record, Gensler added that few crypto firms were trustworthy enough to serve as qualified custodians. Not everyone supports SEC’s crypto stance Commissioner Hester Peirce, however, did not support the proposal. He said: “Such sweeping statements in a rule proposal seem designed for immediate effect, a function proposing releases should not play. These statements encourage investment advisers to back away immediately from advising their clients with respect to crypto.” According to Peirce, such stringent measures will compel investors to withdraw their assets from entities that have established adequate safeguarding procedures to mitigate and prevent fraud and theft. Peirce is worried that this timeframe will not allow the public to vet all aspects of the proposal.

​Cardano shows bearishness in short-term, but reversal was possible at… Cardano released the weekly development update on 10 February. It highlighted some notable statistics but did not shore up buyer confidence in the short term. Instead, the price retested $0.37 as resistance before another move downward. Over the weekend, Bitcoin showed little impetus on the price chart. It oscillated from $21.6k to $22k, a fluctuation of close to 2%. Monday’s high and low could establish a range for the week. A move below $21.6k could herald further losses across the altcoin market, including ADA. Former support levels flipped to resistance as more downside beckons The 1-hour bullish order block at $0.38 was broken convincingly on 9 February. The two days of trading prior to that move downward saw weak bounces from this area. A move upward to $0.4 turned out to be a bearish retest before the slump that followed. In a similar fashion, the $0.37 level of former support was also retested as resistance. This came after ADA tested a zone of support at $0.35 and bounced. The two bullish order blocks (H2) at $0.357 and $0.327 can see some positive reactions from the price in the coming days. Traders can wait for a move beneath $0.35 and a subsequent retest to short the asset, targeting $0.33. A move back above $0.37 won’t necessarily show bullish promise- a move up to $0.4 can also offer a shorting opportunity. Both bulls and bears must recognize that the daily timeframe structure was bullish, but the weak push above $0.4 last week signaled exhaustion from buyers. The RSI on the 2-hour chart showed neutral momentum, while the OBV saw a freefall for a couple of days together. Taken together, they showed some bearish dominance in the near term. The Open Interest climbed slightly on 10 and 11 February as ADA bounced from $0.356 to reach $0.37. This attempt to break past resistance was quickly snuffed and the bearish sentiment was reinforced. This was reflected in the dip that the OI saw recently. Falling prices and OI pointed toward bears being in the driving seat. The predicted funding rate also saw multiple dips into negative territory over the past few days. The bearish retest of $0.37 was one such event, and highlighted the conviction of short sellers in the past few days.

​Assessing Synthetix’s Q4 2022 performance and what to expect in 2023 Messari recently published Synthetix’s [SNX] 2022 quarter 4 report, which highlighted its performance on several fronts during the concluding months of 2022. While a few of the updates were in Synthetix’s favor, some were against the network. For instance, user growth increased during the year, probably as a result of Optimism Quest, while volumes and the debt pool decreased. This is how Synthetix performed Synthetix’s volume peaked in Q3 2022, led by atomic swaps. However, following some initial success, the program was scaled back to control toxic flow. This resulted in a massive drop of 87% in the last quarter of 2022. Synthetix’s inflation rate spiked considerably during the early months of 2022, but in Q4 it reached below 10% on an annualized basis. In Q2 and Q3 of 2023, respectively, 24 million and 23 million SNX will be released due to the increase in the inflation rate in the middle of the year. Interestingly, despite the drop in volume, SNX’s stats for daily active users looked quite optimistic for the network. As per the data, the token’s daily active users increased considerably during the fourth quarter of 2022. Moreover, Synthetix launched Perps V2 on 20 December, beginning with just an ETH perp option. Synthetix Perps V2 is a protocol for trading perpetual futures leveraging the Synthetix protocol’s liquidity. The introduction has so far been a success, with lower fees and significant adoption of more than 35% of perps volume in January 2023. Another major update was in 2023, the Synthetix DAO will be primarily focused on the launch of Synthetix V3, which is an updated architecture for the liquidity provisioning protocol. The transition will involve migrating from sUSD to snxUSD and converting the current V2 protocol into a pool on V3 after the release of V3. 2023 brought better news As we entered 2023, SNX’s price rallied considerably, thanks to the bullish market condition. Santiment’s chart revealed that its MVRV Ratio also remained relatively high through the first month. Not only that, but demand for SNX in the derivatives market was consistent, as its Binance funding rate was up. SNX’s development activity increased significantly in the past 30 days, which by and large is a positive signal for a network. Moreover, SNX’s popularity registered an increase as its social dominance spiked quite a few times. At press time, SNX was trading at $2.39 with a market capitalization of over $602 million.

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