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The price of Synapse Token (SNY) has plummeted over the last 24 hours after Nima Capital dumped a massive 9 Million SNY tokens on the market. Nima Capital, a venture capital firm, recently acquired SNY tokens as a part of a deal with Synapse.
Community members have speculated that this could be a rug pull, where a large holder dumps their tokens onto the market in an effort to pump and dump the token price. This would be a way to manipulate the market and potentially profit at the expense of other token holders.
Synapse has yet to make a statement on the matter, but the community is highly suspicious given the timing of the token dump. The price of SNY has dropped from around $1.20 to as low as $0.40 over the last 24 hours.
If Nima Capital is found to be involved in market manipulation, it could have serious consequences for the credibility of the Synapse project and its token price. It remains to be seen if this is indeed the case, but the community is closely monitoring the situation.