Solana (SOL), Serum (SRM), and FTX Token (FTT) have been at the forefront of the crypto rally. Although all of these coins are linked to the crypto exchange FTX and suffered a lot when the company filed for bankruptcy, they managed to make a huge reversal. These three coins feature above the cryptocurrencies with the most market gains today, but why?
Serum, Solana, And FTT Take Front And Center
For the past week, the majority of crypto markets have rallied, following the trail of bitcoin which has reached levels not seen since before the FTX crash. This green movement will continue into the week but some cryptocurrencies will take longer. Three cryptocurrencies in particular, namely Serum, FTT, and Solana, all linked to the now bankrupt FTX exchange, made significant gains.
Serum (SRM), of which FTX holds a relatively small amount compared to other token holdings, has been running very well this past week. Cryptocurrency is one of the few assets that could record triple-digit gains during this period. The price of SRM has risen over 179% in the last 7 days, forcing the price above $0.65 at one point, returning to the pre-FTX collapse level. It is also one of the most trending coins on Coinmarketcap.
Following in Serum’s footsteps is FTT Token, the official token of FTX. FTT has dropped below $1 after the bankruptcy filing, impacting the crypto market. However, in the last week, it has emerged as one of the best players. The price rose more than 170% to trade above $2.5.
FTT Token returns to pre-FTX collapse levels | Source: FTTBUSD on TradingView.com
Last but not least is Solana. Now, Solana’s story is more advanced than the others in this report, but he has been an outstanding player. The first SOL started to become more popular after the popularity of the BONK meme coin. But he carried this performance into a mini bull run and has been performing well since.
SOL prices are up more than 41% in the past week, lower than SRM and FTT. But it becomes even more impressive when you consider that SOL was trading below $10 less than a month ago, and is now sitting above $23 after peaking at $27.
What’s Driving These FTX Related Tokens?
Currently, there is no clear driver behind the cryptocurrency’s recovery other than the general market bull. One thing that gave us more about FTX, in general, is that the former CEO of FTX US, Brett Harrison, took to Twitter to share his story about his time on the crypto exchange.
Although the general tone of the post is negative, it has not affected the performance of this coin. Serum only recorded a small loss of less than 2% in the last 24 hours since the post was made, while Solana remained green with a gain of 3.41%. FTT saw its biggest loss in the one-day period at -2.16%.
The question of whether this coin will continue to rally depends on the movement of the market. Since there are no price-driving events, only the general altcoin market is following bitcoin at this time.
If there is a pullback in the price of bitcoin, a pullback among these altcoins should be expected as well.