SYN token plunges over 55% after Arthur Hayes' bullish endorsement, wiping out gains.

The SYN token from the AI-linked Synapse project has dropped more than 55% since late June, erasing gains made after BitMex co-founder Arthur Hayes endorsed it and bought 6.16 million tokens at about $0.357 each. Hayes' investment is now about 28% underwater, with an unrealized loss of roughly $610,000. Technically, SYN is trading in a descending channel with resistance near $0.30; a break above could push it to $0.37, but it may fall further toward $0.20–$0.175. Hayes' history of promoting tokens before selling them has drawn scrutiny amid this decline.