The cryptocurrency Synthetix has recently drawn attention as the SNX token price jumped more than 175% in 48 hours, according to data from TradingView. This unexpected move has renewed the discussion about the comeback of older DeFi projects, often referred to as “dino coins.”

Rise of cryptocurrency SNX

Despite the fact that the cryptocurrency market is facing a massive correction breaking records in 2025 and investors are counting losses, SNX has seen unprecedented growth. The Synthetix token has become the most profitable cryptocurrency of the last week among the top 100 by market capitalization, according to CoinMarketCap.

The project exceeded expectations, with its value rising for three consecutive weeks, achieving a total gain of up to 250%. The most significant movement occurred on October 12 and 13, when SNX’s price surged by an incredible 175% in two days.

SNX broke a multi-month downward trend line, suggesting a potential market reversal. Nevertheless, the risk of a correction remains high, as rapid growth often triggers short-term profit-taking.

Future developments will depend on whether the new support level can be maintained and the DEX platform’s user base expanded. If Synthetix demonstrates stability and innovation, it could become a model for the strong return of DeFi era.

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Why cryptocurrency SNX is rising and the return of “dino coins”

The rise in SNX price has also been supported by the broader trend of strengthening derivative platforms in the decentralized environment. After a long period of stagnation, the DeFi sector is awakening again. SNX, one of the pioneers of decentralized derivatives, has shown that older projects are not without chance. The token surpassed key resistances and more than doubled in value over one weekend.

This growth was driven by speculation around the launch of a new perpetual DEX on the Ethereum network, which aims to offer a competitive product against existing platforms like GMX or dYdX, according to a report by CoinDesk.

Synthetix is also planning a trading competition to promote adoption of its product and increase liquidity on the network. This initiative aims to attract not only casual users but also professional investors.