Synapse's SYN token recovered its losses after 9 million were sold by a liquidity provider identified as Nima Capital by the protocol.
protocol designed to transfer data to cross-chain bridges, rebounded more than 17% from a low of $0.30 after a liquidity provider sold its SYN tokens on Monday.wallet the protocol said was tied to venture capital firm Nima Capital"A Synapse liquidity provider sold their SYN tokens and removed liquidity today. We're investigating unusual activity on their wallets and are working to get in touch with them. Will update once there is more info.
Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours. Last week's highest total was $5.9 million, according toWith interest in the token remaining relatively high, the price spiked to $0.425 following a flurry of activity on Binance during Asia hours on Wednesday. It has since lost a portion of those gains as it trades at $0.358.
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