Synapse, the cross-chain communications network geared toward enhancing interoperability among different blockchains, saw its native SYN token surge more than 27 percent over the past 24 hours. The reason behind the pump is crypto entrepreneur Arthur Hayes’ disclosure that he holds a $2.2 million position in the digital asset.
SYN sees parabolic price appreciation
The following screenshot from Arkham Intelligence shows a Hayes-linked crypto wallet purchasing 6.16 million SYN tokens. Notably, SYN has surged more than 900 percent in June 2026.
As of Tuesday, SYN is exchanging hands at around $0.59, holding a total market cap of $127.8 million. However, despite the explosive price action shown recently, SYN remains significantly below its all-time high of $4.92 recorded back in October 2021.
The reaction to Hayes accumulating and ‘shilling’ SYN on X has been mixed. The majority of crypto enthusiasts appear wary of Hayes’ association with the token, predicting that the seasoned crypto entrepreneur is likely to dump the token as more retail investors join in.
In response, Hayes replied “keep hatin’” on X, suggesting that he is still bullish on the cryptocurrency.
Crypto market participants’ apprehension towards Hayes isn’t surprising. Julius Elum, the founder of crypto community CoreNex, cautioned against buying SYN.
Order books on Binance exchange show a huge number of sell orders on SYN, while buy orders remain relatively small in comparison. Crypto analyst Bitcoin Snipe remarked that SYN is likely to head to $0.90 first, and then to $1.30.
SYN token is central to Synapse for various utilities. Synapse can be tapped for an array of cross-chain functions, such as asset bridging, cross-chain swaps, yield generation, and application development.
Hayes’ recent crypto calls
Hayes, the former CEO of BitMEX exchange has a long history in the crypto industry. However, of late, he has found himself routinely blamed for “pumping and dumping” cryptocurrencies.
For instance, on June 8, Hayes revealed that he had completely sold all his stakes in NEAR and HYPE tokens. Following the revelation, both the digital assets saw a major price pullback.
Later, speculations started picking momentum that Hayes is starting to buy HYPE again, with a reported $2.09 million worth of purchase order. However, the crypto veteran denied these claims.
