Before we dive into the details of Sphynx crypto project,
remember cryptocurrencies are associated with a high degree of
risk; hence, one needs to stay vigilant and do thorough research while looking at the space.
The total market cap of all cryptos, according to CoinMarketCap, was over US$2.9 trillion at
one point in November last year. The same figure came close to US$1.5 trillion at one point in
January this year, which reflects the inherent risks that are known to ail the crypto verse.
Risks aside, these assets have become quite popular,
and the way to participate in this speculative sector has undergone a big shift over time.
Now, many projects, also known as decentralized finance rotocols,
claim to enable “passive income” for holders of cryptos. Here, instead of frequent purchase
and sale of assets, the participant can lend the holding to earn “interest”.
Today, let’s know about one such project, Sphynx cryptocurrency.
What is the Sphynx crypto project?
The project claims it enables trading, staking and a number of other tasks with a single solution.
It has mentioned a NFT marketplace, a wallet, and a launchpad among a variety of services
to crypto enthusiasts. Sphynx Swap appears to be the primary offering of the project. The wallet
service of Sphynx is claimed to be an enabler for not only storing but also trading an asset. The
NFT marketplace, it is stated, would support the trade of digital assets from multiple blockchains.
What is SPHYNX token?
The project’s native token, SPHYNX, is available on MetaMusk. The project
states that enthusiasts can use both Ethereum (ETH) and Binance Smart Chain to get hold of
SPHYNX token. Sphynx Swap app also needs to be linked to execute the trade.
Lets look at the SPHYNX BSC token price performance.
The price of the token has skyrocketed lately, CoinMarketCap data reveals. Though the trading
volume of SPHYNX crypto was not high, its price underwent a sharp rally of over 5,000 per cent.
SPHYNX BSC token traded at nearly US$0.006. It ranks very low on the CoinMarketCap list, with no
mention of the token’s exact market cap. Besides, since SPHYNX has yet to list on major exchanges,
it may manifest greater volatility. Caution and due diligence must be preferred by enthusiasts.
And now, its time to wrap up the topic.
Staking of crypto assets to earn passive income in the form of interest seems to be gaining traction.
But the hacking of DeFi player Ronin Network is a reminder of how risky the space is. Sphynx crypto
is a participant in the same DeFi sector, but it has yet to become a dominant player.
SPHYNX token has rallied recently, but how it performs in the long run
cannot be predicted. The most crucial factor right now is that the project’s market cap
cannot be ascertained, and since it ranks very low, it can be prone to speculation.