- FTX’s FTT price surged by over 30% in the last 24 hours.
- Sam-Bankman-Fried’s Serum (SRM) witnessing a price increase of over 54%.
The entire crypto industry is gossiping about everything related to Sam Bankman-Fried’s FTX. Also, the global crypto community and regulator bodies are constantly keeping a close eye on the bankrupt FTX and its trading company Alameda Research.
In the aftermath of the crypto exchange collapse, the overall cryptocurrency market witnessed a massive downtrend. At the time of writing, the global cryptocurrency market cap is $883 billion, which is decreased by over 69% in the last year.
Further, the cryptocurrency exchange FTX is about to get hit with a hammer. Also, the market is about to fall into this, it might be heavier than before which is caused by Do Kwon’s Terra LUNA. However, FTX’s native token FTT, and its connected tokens Serum (SRM) and Solana (SOL) are gaining some positive price momentum in the global crypto market. Let’s look into it.
Cryptocurrency exchange FTX’s FTT, which sent shock waves in the global market, indicates a bullish trend in the last 24 hours. At the time of writing, FTT traded at $1.95 with a price surge of over 30%. FTT has a market cap of $598 million, which increased by around 20% in the last day but its trading volume decreased by 60%, as per CoinMarketCap.
Project Serum is a decentralized exchange invented by Sam-Bankman-Fried, also the largest asset listed on the FTX balance sheet was $2.2 billion worth of SRM. Alameda Research and the Solana Foundation are as well part of the Serum initiative.
However, the backbone of Solana’s DeFi infrastructure Serum (SRM) traded at $0.2974, soaring up by more than 54% in the last 24 hours. SRM has a market cap of $78 million which climb by 51% in the last day and its trading volume has risen by 61% to $263 million.
Sam Bankman-Fried’s sister company Alameda Research holds a huge volume of Solana tokens SOL. As a result of the FTX crash, Solana was in a trouble, although, Solana’s (SOL) price surged by around 4% in the last 24 hours and traded at $14.67. SOL had a market cap of $5 billion, rising by 4%. Still, Solana’s 24 hours trading volume declined by 20% to $955 million.