Synthetix Network (SNX) Cryptocurrency Price in India: Latest INR Rates and Market Insights

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Synthetix Network (SNX) continues to be a notable player in the decentralized finance (DeFi) ecosystem, offering users the ability to trade synthetic assets on the Ethereum blockchain. As of the latest market update, SNX is trading at ₹237.49, reflecting a -2.87% decline over the past 24 hours. This article provides a comprehensive look at the current price, market metrics, and historical performance of Synthetix Network in Indian Rupees (INR), tailored for investors and crypto enthusiasts in India.

Whether you're monitoring SNX for short-term trading or long-term investment, understanding its price dynamics, supply structure, and market behavior is essential. We’ll explore key data points, analyze trends, and answer common questions to help you make informed decisions.

Current Market Overview

As of 23 July 2023, the Synthetix Network token (SNX) shows the following performance indicators:

The decline in price and market cap over the past day suggests a period of consolidation or bearish sentiment in the broader crypto market. However, SNX remains one of the more actively traded DeFi tokens in India, with significant volume indicating sustained investor interest.

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Understanding Key Metrics

Market Capitalization and Circulating Supply

Synthetix Network’s market cap is calculated by multiplying the current price by the circulating supply, which stands at 320,830,118.13 SNX. This metric reflects the total value of all SNX tokens currently in circulation and is a key indicator of the project’s relative size in the crypto market.

Unlike Bitcoin, which has a hard cap of 21 million coins, Synthetix has a maximum supply of 321,554,026.08 SNX, with the total supply matching this figure. This means nearly all tokens have already been issued, with minimal room for future inflation.

The limited max supply enhances scarcity, potentially supporting long-term value retention if demand increases.

Trading Volume and Market Activity

The 24-hour trading volume of ₹5,672.51 crore highlights strong liquidity and active trading interest in SNX. High volume generally indicates a healthy market with tight bid-ask spreads, making it easier for investors to enter or exit positions without significant price slippage.

Compared to previous days:

This downward trend in volume over the last three days may suggest reduced speculative activity or profit-taking following earlier price movements.

Historical Price Trends (Last 4 Days)

Tracking short-term price behavior helps identify momentum and potential turning points. Here’s how SNX performed in India over the past few days:

DatePrice (INR)24H Volume (INR Cr)Market Cap (INR Cr)
22 Jul 2023₹244.47₹4,726.41₹78,396.71
21 Jul 2023₹245.49₹9,645.49₹78,730.18
20 Jul 2023₹237.75₹11,799.15₹76,301.57
19 Jul 2023₹223.02₹5,799.28₹71,323.83

From this data:

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What Is Synthetix Network?

Synthetix is a decentralized protocol that enables the creation and trading of synthetic assets (or "Synths") on the Ethereum blockchain. These Synths can track the value of real-world assets like stocks, commodities, currencies, and even other cryptocurrencies — all without requiring ownership of the underlying asset.

For example:

Users stake SNX tokens as collateral to mint these Synths, contributing to network security and earning rewards in return.

Core Keywords

These keywords reflect high search intent among Indian users looking for localized crypto data and DeFi insights.

Frequently Asked Questions (FAQ)

What is the current price of Synthetix Network (SNX) in India?

As of 23 July 2023, SNX is trading at ₹237.49 in Indian Rupees. The price fluctuates based on global market conditions and exchange-specific demand.

Is SNX a good investment in 2025?

While past performance doesn’t guarantee future results, SNX’s role in the DeFi space — particularly in synthetic asset trading — gives it long-term potential. Investors should consider factors like protocol upgrades, adoption rates, and overall crypto market trends before investing.

How can I buy SNX in India?

You can purchase SNX through cryptocurrency exchanges that support INR trading pairs. Ensure the platform complies with local regulations and offers secure wallet integration.

👉 Access a global exchange with deep liquidity and multiple SNX trading pairs.

Does SNX have a maximum supply limit?

Yes, Synthetix has a maximum supply of 321,554,026.08 SNX, with nearly all tokens already in circulation.

What factors influence SNX price in INR?

The INR price of SNX depends on:

Can I earn rewards by staking SNX?

Yes. Users who stake SNX as collateral to back synthetic assets earn fees from trades and periodic inflationary rewards. However, staking requires maintaining a minimum collateralization ratio and carries smart contract risks.

Final Thoughts

Synthetix Network remains a pioneering force in the DeFi landscape, offering innovative financial instruments through its synthetic asset platform. While the token experienced a slight downturn on 23 July 2023, its strong fundamentals and active ecosystem continue to attract investors in India and globally.

For those tracking SNX price in INR, staying updated with real-time data, volume trends, and macroeconomic factors is crucial. With limited supply and growing use cases in decentralized finance, SNX could play an important role in the future of digital asset trading.

Whether you're a beginner exploring DeFi or an experienced trader analyzing market cycles, keeping an eye on Synthetix offers valuable insights into the evolving world of blockchain-based finance.