Why is SynFutures (F) up 39% Today?

Following a recent announcement, “F,” the native token of SynFutures, a non-custodial decentralized exchange built on Polygon and zkSync, posted staggering gains. According to CoinGecko, the token saw an over 39% uptrend in the last 24 hours before relinquishing some of its gains.

The meteoric rise trailed a recent bullish disclosure. In a recent tweet, SynFutures announced that the BERA token is available for trading on the platform, with up to a 5x leveraged position on the USDC pair.

“BERA from Berachain is now live on SynFutures,” SynFutures disclosed.

The SynFutures (F) token benefited immensely from the buzz surrounding the launch of the Ethereum Virtual Machine (EVM)-compatible layer-1 mainnet the previous day. The token, which gained instant traction among top exchanges on its market debut, attracted intense attention due to its unique features, with SynFutures (F) benefiting extensively from the listing.

SynFutures Gets Much-Needed Boost

After a strong start following its token-generation event (TGE) and market debut in early December, it has been all gloomy for SynFutures (F). The token has plummeted over 81% from its all-time high of $0.192309 to its current market price.

Although the asset saw light rebounds in January, it lost steam quickly and continued its southward price movement this month. However, today’s boost could spark a price shift for SynFutures if it sustains the bullish momentum.

Data shows a substantial uptick in trading volume in the last 24 hours, indicating increased interest in the asset. The volume is $48.15 million, up a staggering 208% in the past day.

Interestingly, a majority of this trading volume has come from Bithumb. The exchange commands 40.76% of the trading activities, outpacing others considerably. The closest to its volume shares is HTX, which controls 19.17% of volumes.

Other exchanges such as Bybit, KuCoin, and Gate.io also hold significant volume shares. According to data, they command 8.82%, 8.74%, and 6.59%, respectively.

Meanwhile, despite its recent surge, SynFutures’ (F) sustained uptrend depends on the mood of the broader crypto market. Notably, the sector has failed to impress lately, with Bitcoin and altcoins correcting considerably.

Macroeconomic headwinds, such as the speculative trade war, have ensured that the broader crypto market has suffered considerable downsides. Nonetheless, SynFutures’ reaction to this sentiment would determine its short-term price action.

F trades at $0.03484 at the time of writing, retracing considerably from its intraday high of $0.44915. Its market cap saw a similar plight, surpassing $57,000 earlier before settling at $53.5 million at press time.

An Introduction to SynFutures

SynFutures is a decentralized exchange (DEX) native to the Ethereum ecosystem. It focuses on perpetual trading and provides equal opportunities for derivative markets. The exchange empowers users to create arbitrary future contracts in seconds.

In addition, SynFutures uses a third-generation automated market maker (AMM) protocol that utilizes an order book design. This enables users to trade any of their choice assets. Meanwhile, the platform launched in January 2021 after raising $1.4 million in its first seed round.

Since then, the protocol has raised over $38 million in several Series A fundraisers, receiving backing from prominent investment firms. Companies such as Pantera Capital and Polychain Capital have a stake in the trading platform.