Weiss Ratings: “The Price of This Token Will Triple Before the End of 2020.”

Weiss Ratings made a bold prediction and claimed that the SNX token would triple before the end of this year.

Analysts at crypto ranking firm Weiss Ratings believe that the local token of the decentralized exchange Synthetix, SNX, will triple in value by the end of the year. So what is the reason behind this idea?

SNX token gained close to 2,000 percent last year

Built on the Ethereum blockchain, Synthetix allows users to invest in stocks, crypto, fiat currencies and commodities through synthetic assets secured by SNX. According to CoinGecko, SNX tokens have increased by 64.6% in the last 30 days and 1,961% last year. At the time of this article, SNX is trading at $6.38. This means an increase of almost 9 percent in the last 24 hours.

SNX Weekly Chart | Source: CoinMarketCap
SNX Weekly Chart | Source: CoinMarketCap

Weiss analysts also state that they believe SNX still has a lot of room to grow. Although decentralized finance (DeFi) platforms such as Synthetix boomed last month, they represent less than a tenth of all smart contract platforms worth almost $ 50 billion.

Weiss analysts also think the token’s staking rewards will increase in value.

The price can increase even more with the staking model

0.3% of every transaction made on Synthetix goes into an sUSD fee pool distributed to SNX coin holders in proportion to the size of their shares. Moreover, staked coins are also eligible to receive block rewards. These are additional SNXs created from time to time to increase overall liquidity in Synthetix’s first six years of operation.

Due to these rewards, 70-80% of SNX tokens are staked, which removes them from circulating supply. The value then increases automatically in theory.

By the way, the world’s most expensive digital asset is no longer bitcoin. So which one? The answer is here.

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Disclaimer: The information in the content is not an investment advice. Author and coinalways.com are not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Coin Journo
The young talent, who works in various media organizations and reticulate the industry, has carried his experience to the crypto. Co-founder @ Coin Always.

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