A recent Cointelegraph survey revealed that traders are rushing to buy Synthetix (SNX), Axie Infinity (AXS) and EOS. This is the reason for the recent expressive price variations of these three cryptocurrencies.
Also according to the research, the boost was caused by the growing interest in DeFi and non-fungible tokens. In the case of EOS, the recent announcement of a stablecoin in the protocol was the source of interest.
SNX fires
After hitting its historic high in February in the $28 zone, the SNX token melted with market corrections. However, the DeFi token has started to skyrocket in recent days, reaching $12.76 on July 5th.
In addition, the SNX staking option is paying generous returns of 39.3% per annum. Thus, the total value allocated in the protocol may have increased due to this factor.
As a result, the SNX token has soared 32% in recent days, possibly with more room to grow — given the distance from its historic high.
AXS and the Axie Infinity
AXS is the governance token of the Axie Infinity game. The game has turned fever recently, based on the earnings that the Small Love Potion (SLP) token yields its players.
The Cointelegraph Markets Pro service's VORTECS algorithm captured an uptrend in the token on July 5th. VORTECS compares historical and current market conditions taken from different data points.
These indicators are market sentiment, trading volume, price and Twitter activity. After 2 days, the AXS token shot 115%, still in the positive zone for valuations at the time of this writing.
stablecoin for EOS
Along with AXS and SNX, EOS was the third best performing cryptocurrency among the highest in market value.
The increase may be linked to the addition of stablecoin Ducat to its network, issued by the American CryptoFed DAO. American CryptoFed DAO is the first legally recognized autonomous decentralized organization.
In addition, EOS recently received a R$50 billion investment from Block.one. The goal is to build the Bullish Global exchange based on the EOS blockchain that seeks to benefit from the features of the delegated participation proof model.