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This article delves into the recent developments of Synthetix’s native token, SNX, which has maintained a bullish bias amid struggles faced by other top cryptocurrencies. Despite the exciting launch of Synthetix V3 on the mainnet, SNX has encountered resistance in breaking through a crucial level.
The article also explores the expectations of QUBE bulls, who anticipate a potential rally to the moon, and how this optimism aligns with the innovative AI crowdfunding platform and the unique benefits of the deflationary QUBE token.
Synthetix V3 Release Fails To Inspire Demand As SNX Slumps
Synthetix’s native token, SNX, has displayed a bullish trend in the past couple of weeks, standing out among other top cryptocurrencies that struggled to maintain their January gains. However, despite a new milestone for the network, SNX has encountered challenges in breaking through a resistance level at $3.
The significant milestone for Synthetix was the successful launch of Synthetix V3 on the mainnet. This upgrade is aimed at improving liquidity operations by transitioning to a distributed pool model, allowing liquidity providers to contribute across multiple markets.
The transition to this new model is crucial as it enhances liquidity providers’ ability to contribute to various pools, which may attract more liquidity and result in higher Total Value Locked (TVL). Furthermore, the network’s plans to make the pools permissionless in the future could be encouraging for liquidity providers, potentially leading to further growth.
Anticipation surrounding this milestone led to excitement in the market, with Synthetix becoming one of the most used smart contracts among the top 100 ETH whales in the last 24 hours at press time.
Despite these positive developments, SNX experienced a 7.88% decline in the last 24 hours, bringing its price to $2.79. This bearish outcome followed a resistance retest at the previous high of 2023, which might have triggered sell pressure and limited bullish volumes linked to the milestone announcement.
It’s worth noting that SNX had seen a surge in 24-hour active addresses at the end of February, indicating increased demand for the token. However, the number of active addresses decreased since the start of March, indicating a slowdown in demand.
Nevertheless, SNX’s mean coin age remains at a 4-week high, suggesting that the buyers who accumulated SNX in February are still holding onto their tokens. Additionally, the on-chain volume indicator has indicated continued strong demand for the coin.
QUBE Bulls Expecting Rally To The Moon
QUBE is a unique investment opportunity for supporters passionate about the growth and success of AI technology startups. The deflationary nature of the token, with taxes on buys and sells going to a burn wallet and a dedicated reward pool, creates an attractive proposition for investors. The fact that holding and staking QUBE tokens can earn rewards further enhances its appeal.
The InQubeta platform’s unique approach to fractional investment in AI startups using QUBE tokens, as well as the NFT marketplace enabling startups to raise funds, has garnered interest and support from the community. This community-driven approach, combined with the governance capabilities of the QUBE token, empowers token holders to actively participate in shaping the platform’s future.
The expectation of a “rally to the moon” among QUBE bulls likely stems from their belief in the long-term potential of the InQubeta platform and the increasing demand for $QUBE as more investors and startups participate. As the platform grows and becomes multichain, expanding to different blockchain platforms, the appeal and accessibility of the ecosystem are expected to attract more participants and drive up the value of $QUBE over time.
Conclusion
In conclusion, Synthetix V3’s mainnet launch aimed to enhance liquidity operations, but SNX’s failure to surpass the $3 resistance level led to a bearish outcome. However, bullish investors in the InQubeta ecosystem continue to expect a rally for the QUBE token, drawn by its unique fractional investment approach in AI startups and the benefits of holding and staking. Both projects play significant roles in shaping the future of crypto and AI industries.
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