Can Synthetix Perps v2 achievement save SNX from the bears

ambcrypto.com:

Synthetix [SNX] continues to make news with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that Perps V2’s cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million. This was a commendable achievement, as only a week ago, Perp V2’s daily volume touched $100 million. 

Integrators have worked tirelessly to make this possible.

Cheers to them @Kwenta_io, @PolynomialFi, @DecentrexHQ, @dHedgeOrg

❤️ ⚔️ pic.twitter.com/AQpfDRKjlT

— Synthetix ⚔️ (@synthetix_io) March 16, 2023

Realistic or not, here’s SNX market cap in BTC ‘s terms

Thanks to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days. As per Token Terminal, Synthetix’s fees and revenue gained upward momentum since 7 March and later spiked substantially on 12 March.

Source: Token Terminal

While these achievements suggested growth for the network, the same might not be true for its native token, SNX. 

SNX network’s growth seemed impressive, but the token’s state might be questionable, thanks to the whale which recently dumped SNX.

As per Lookonchain, an address transferred 2.66 million SNX to Binance, which was worth $7.5 million. The same account had earlier spent 15 million USDC to buy 5,436,960 SNX from Synthetix Treasury between 14 and 16 March.

Then transferred 2.66M $SNX (7.5M) to #Binance 5 hrs ago.

Maybe