Project Built on Ethereum Rival Solana Explodes 130% in Just One Week As Bitcoin Regains $21,000

Share this story:

 

A low-cap Solana-based (SOL) altcoin has more than doubled up in value over the last week as Bitcoin (BTC) regains the $21,000 level.

Decentralized exchange (DEX) platform Serum (SRM) has shot up 130% over the last seven days after suffering through the collapse of crypto exchange FTX, which it heavily relied on.

According to a new report by The Wall Street Journal, John Ray III, who took over as CEO of FTX last year after its disgraced founder Sam Bankman-Fried resigned, says that it’s possible for FTX to restart its crypto exchange business.

Ray, a bankruptcy specialist, told The Wall Street Journal that he’s created a task force that will explore the possibility of revitalizing FTX.com.

News of the possible reboot sent SRM flying, as it went from a seven-day low of $0.19 on January 14 to a local peak of $0.55 just two days later. The crypto asset has since stabilized and is changing hands for $0.425 at time of writing, a 6.5% drop on the day.

The disintegration of the FTX ecosystem last November greatly impacted the price of SRM, causing it to crash from $0.82 all the way down to $0.18.

At the time, Serum said the downfall of FTX caused the protocol’s program to become defunct and forced projects built on top of it, such as DEX Jupiter Exchange and liquidity provider Raydium (RAY), to move to other blockchains due to lack of security.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/jovan vitanovski/WindAwake

The post Project Built on Ethereum Rival Solana Explodes 130% in Just One Week As Bitcoin Regains $21,000 appeared first on The Daily Hodl.

 Read More 

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.