Synapse Token Surges on Bitvavo After Arthur Hayes' $2.2M Investment

The Synapse token saw a significant surge in trading volume on Bitvavo after a wallet linked to Arthur Hayes, founder of BitMEX, purchased 6.16 million tokens. The transaction occurred at an average price of $0.357 per token, driving the SYN token's price up and making it one of the top four most traded cryptocurrencies of the week.

According to reports, the token rallied by nearly 191% over the week, moving from €0.19 to €0.55, with a 30-day growth reaching 2,291% from its lowest point of €0.023. The influx of capital into Synapse triggered immense price volatility and pushed its trading volume behind major assets like Bitcoin, Ethereum, and XRP.

The momentum accelerated following public endorsements from Hayes regarding Hypercall, an options trading platform developed by the Synapse team that settles transactions via the Hyperliquid derivatives platform. Hayes stated, 'I still want to be long the Hyperliquid ecosystem but I need some asymmetry. It’s time for an options dex to properly take on Deribit. Hypercall, owned by $SYN, is that challenger. Let’s see if they can cook.'