Synthetix Network (SNX) continues to attract attention from Indian investors seeking exposure to decentralized finance (DeFi) and synthetic asset platforms. As of the latest data, SNX is trading at ₹231.71, reflecting a 2.80% increase over the past 24 hours. With growing interest in blockchain-based financial instruments, understanding the current price dynamics, market metrics, and historical trends of SNX in Indian rupees (INR) is essential for both new and experienced crypto participants.
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Current Market Overview
The current valuation of Synthetix Network reveals strong short-term momentum:
- 24-Hour Price Range: ₹211.19 – ₹241.03
- Price Change (24H): +₹6.32
- Market Cap Change (24H): ₹2,12,86,81,819 (+2.95%)
- Market Capitalization: ₹74,32,91,29,182
- 24-Hour Trading Volume: ₹7,14,89,46,034
These figures highlight active trading and sustained investor confidence in SNX despite broader market fluctuations. The high trading volume suggests strong liquidity, making it easier for Indian traders to enter or exit positions without significant slippage.
Supply Metrics
Understanding supply dynamics is crucial for evaluating long-term value:
- Circulating Supply: 320,830,118.13 SNX
- Max Supply: 321,554,026.08 SNX
- Total Supply: 321,554,026.08 SNX
- Fully Diluted Market Cap: ₹74,49,68,42,388
Unlike Bitcoin or Litecoin, which have hard-coded maximum supplies designed to induce scarcity, Synthetix follows a gradually inflationary model to incentivize staking and network participation. However, its max supply remains capped, ensuring eventual scarcity as emission rates decline over time.
Historical Price Trends (July 2023)
Tracking recent price movements helps identify patterns and potential future direction:
| Date | Price (INR) | Volume (INR) | Market Cap (INR) |
|---|---|---|---|
| 25/07/2023 | ₹225.32 | ₹3,20,67,63,431 | ₹72,20,04,47,364 |
| 24/07/2023 | ₹227.10 | ₹4,60,81,20,359 | ₹72,69,52,35,791 |
| 23/07/2023 | ₹237.49 | ₹5,67,25,09,305 | ₹76,20,38,42,935 |
| 22/07/2023 | ₹244.47 | ₹4,72,64,08,659 | ₹78,39,67,09,861 |
| 21/07/2023 | ₹245.49 | ₹9,64,54,94,549 | ₹78,73,01,76,618 |
| 20/07/2023 | ₹237.75 | ₹11,79,91,46,894 | ₹76,30,15,71,105 |
| 19/07/2023 | ₹223.02 | ₹5,79,92,75,629 | ₹71,32,38,31,035 |
A notable trend emerges: prices peaked around ₹245.49 on July 21, followed by a correction. This dip coincided with reduced trading volume and broader market consolidation. The rebound to ₹231.71 indicates resilience and ongoing demand.
Key Observations:
- Volatility: SNX showed significant intraday swings—over ₹34 between highs and lows within a week.
- Volume Spikes: The surge in volume on July 20–21 suggests institutional or large retail interest during price peaks.
- Market Reaction: After hitting near-monthly highs, profit-taking likely triggered the pullback.
What Is Synthetix Network?
Synthetix is a leading protocol in the DeFi ecosystem that enables the creation and trading of synthetic assets—digital representations of real-world assets like stocks, commodities, currencies, and even cryptocurrencies—all on the Ethereum blockchain.
Users can mint "Synths" (e.g., sUSD, sBTC, sGold) by locking up SNX tokens as collateral. These Synths track the value of their underlying assets in real time and can be traded peer-to-contract with minimal slippage.
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Core Features:
- Decentralized Exchange (dApp): Swap Synths instantly without order books.
- Staking Rewards: Holders stake SNX to back the system and earn issuance rewards and fees.
- Cross-Chain Expansion: Now live on Optimism and other Layer 2 solutions to reduce gas costs.
Why Is SNX Gaining Traction in India?
India has one of the fastest-growing crypto adoption rates globally. Several factors contribute to rising interest in SNX:
- DeFi Curiosity: Indian investors are increasingly exploring beyond Bitcoin and Ethereum into yield-generating protocols.
- Hedging Tool: Synthetic USD (sUSD) offers a way to hedge against INR volatility.
- Developer Community Growth: Local hackathons and Ethereum meetups often feature Synthetix integrations.
Additionally, regulatory clarity discussions have eased fears of an outright ban, encouraging more sophisticated investment strategies.
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Frequently Asked Questions (FAQ)
What is the current price of Synthetix Network in India?
As of the latest update, Synthetix Network (SNX) is priced at ₹231.71 in Indian rupees. This reflects a 2.80% gain over the previous 24 hours.
How can I buy SNX in India?
You can purchase SNX through international cryptocurrency exchanges that support INR deposits or INR trading pairs. Always verify compliance with local tax regulations when converting or trading.
Is Synthetix a good investment?
SNX offers exposure to the synthetic asset sector within DeFi—an innovative niche with long-term potential. However, like all crypto investments, it carries volatility risk. Investors should assess their risk tolerance and conduct thorough research before investing.
What affects the price of SNX?
Key drivers include overall DeFi activity, Ethereum network upgrades (since Synthetix runs on Ethereum), staking participation rates, demand for synthetic assets, and macroeconomic factors influencing crypto markets.
Can SNX reach new all-time highs?
While past performance doesn't guarantee future results, continued innovation—such as Layer 2 scaling and new Synth offerings—could drive renewed bullish momentum if market conditions improve.
Does Synthetix have a fixed supply?
No fixed supply exists today but emissions are decreasing over time via protocol upgrades. The max supply is capped around 321.5 million SNX tokens.
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