Arthur Hayes' Investment in AI Crypto Token SYN Suffers a 30% Drop
The native token of the AI crypto project Synapse, SYN, dropped by as much as 30%, reaching an intraday low of $0.1281 on Thursday. This decline has resulted in an estimated $1.41 million paper loss for Arthur Hayes, co-founder of BitMEX and a vocal supporter of the token. Hayes reportedly purchased 6.16 million SYN tokens at around $0.357 each through Flowdesk, making his current position worth approximately $789,000 based on Thursday's low. SYN’s price has significantly underperformed since its late-June peak near $0.725 and is now well below Hayes' entry point. The token remains within a descending parallel channel on the four-hour chart, with technical indicators suggesting potential for a short-term relief rally toward resistance levels around $0.176–$0.18. However, if SYN breaks below Thursday’s low of $0.1281, it could signal continued bearish momentum and weaken prospects for an immediate rebound.
Topics: Arthur Hayes paper loss price crash SYN token