Syscoin Explodes 100% After Binance Futures Launch – Keep an Eye on This Coin
The price of Syscoin ($SYS) doubled briefly yesterday on the news that Binance has introduced futures trading for the token.
Syscoin’s price leapt from $0.10 to $0.20 between 07:30 and 14:20 before retreating 24% to its current level of $0.1534.
The $121 million market cap token is 108% higher than its price seven days ago, but only 36% up from its price thirty days ago. In the last 24 hours, it has lost around 9%.
Syscoin is the native token underpinning the eponymous protocol that forms a Layer 2 network to facilitate rollups on Bitcoin, improving the network’s scalability.
Rollups essentially bundle, or “roll up” transactions from the Layer 1 and process them in a faster Layer 2 before porting them back onto the main chain.
The token previously rallied to an all-time high of $1.30 on January 2nd, 2022, however it has since shed 88% of its value.
According to Syscoin’s price chart, a small preliminary rally on Augyst 18th sent $SYS hurtling up to capture $0.10.
From this foothold, the Binance announcement the next day saw it skyrocket to briefly hold, but fail to recapture, $0.20. However, risen support for the token has enabled it to hold the fort at $0.15.
A falling relative strength index (RSI) of 39 indicates selling is likely to continue in the short-term but this will leave plenty of headroom for some dip buying, consolidating Syscoin’s price at around $0.15.
Syscoin’s $SYS rally was brief and unexpected but it’s a glowing indicator of the potential of Bitcoin layer 2 solutions in the eyes of investors.
However, Syscoin isn’t the only innovation on the field. In fact, in the much-derided meme coin sector, some new projects are giving new utility to funny tokens.
One such token still only in presale called The Meme
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