Core Insights - Synthetix's native token SNX surged over 120% in 24 hours, reaching levels not seen since before the 2022 market crash, indicating a potential resurgence of older DeFi tokens known as "dino coins" [1][6] - The price of SNX increased from approximately $1.00 to over $2.20, with a peak at $2.30, supported by a daily trading volume of $758 million, marking a 1,120% rise [2] - The rally is attributed to renewed interest in Synthetix's upcoming perpetual DEX launch on the Ethereum mainnet, expected later this month [2][5] Market Dynamics - The DeFi landscape has recently seen the rise of Aster, a perpetual exchange on BNB Chain, which has taken market share from HyperLiquid [3] - Synthetix is organizing a trading competition on October 20, which may facilitate capital rotation from other trading platforms [3][4] - Analysts suggest that Synthetix has broken a four-year downtrend, positioning itself to lead in the anticipated "perp DEX war" [4] Future Outlook - The project aims to re-establish its perpetual exchange on Ethereum and enhance cross-chain liquidity through Optimism and Base, which has rekindled investor interest [5] - Technical analysis indicates that SNX's breakout above multi-year resistance could signal a trend reversal after years of consolidation [5] - The sustainability of SNX's recent gains remains uncertain, but the narrative of the "rise of the dino coin" is gaining traction with Synthetix at the forefront [6]