A mystery investor is buying an Ethereum (ETH)-based altcoin that has more than doubled in price so far this year.
According to new data From blockchain tracking service Lookonchain, an unnamed institution spent $10 million worth of USD Coin (USDC) to purchase 3.4 million worth of Synthetix (SNX), a decentralized asset issuance project, over the past two days.
The data also reveals that the same institutional investor owns 44.5 million Conflux (CFX), worth $15 million, and 7.3 million Yield Guild Games (YGG), worth about $2.07 million. Dollars.
“An institution spent 10 million USDC to purchase 3.4 million SNX from [the] Synthetix treasure in the last two days, the purchase price is ~$2.93. The institution owns 44.5 million CFX ($15 million) and 7.3 million YGG ($2.07 million) and is a Yield Guild investor.
Synthetix is a derivatives protocol that allows users to hold and trade cryptocurrencies, stocks, and precious metals without owning the specific asset directly.
Says Gemini crypto exchange,
“[Synthetic assets] use decentralized oracles, which are smart contract-based price discovery protocols, to track the prices of represented assets, allowing you to hold and trade [them] as if it actually owned the underlying assets.
In this way, Synths provides exposure to assets that are normally inaccessible to the average crypto investor (gold and silver, for example) and allows you to trade them quickly and efficiently.”
SNX has seen a significant price rise in 2023. The digital asset opened the year trading at $1.42, but ultimately sparked a rally to $3.22, a 126% run. Since then, SNX has pulled back and is trading at $2.82 at time of writing, down 10% over the last 24 hours.
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Featured Image: Shutterstock/Digital Store/Andy Chipus
