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

The low-cap Solana-based (SOL) altcoin more than doubled in value last week as Bitcoin (BTC) returned to $21,000 levels.

Decentralized exchange (DEX) platform Serum (SRM) surged 130% in the past seven days after being hit by the collapse of the cryptocurrency exchange FTX on which it heavily relied.

according to the new report John Ray III, who took over as FTX CEO last year after disgraced founder Sam Bankman-Fried stepped down, said the Wall Street Journal says FTX may resume its crypto exchange business. It is said that there is

Bankruptcy expert Ray told The Wall Street Journal that he had set up a task force to explore a possible revival of FTX.com.

The news of a possible reboot saw the SRM surge from a seven-day low of $0.19 on Jan. 14 to a local peak of $0.55 just two days later. The crypto has been stable since then, with him trading at $0.425 at the time of writing, down 6.5% on the day.

The collapse of the FTX ecosystem last November had a huge impact on the price of SRM, crashing from $0.82 to $0.18.

At that time, serum Said With the collapse of FTX, the protocol’s programs have ceased to function, and projects built on it, such as DEX Jupiter Exchange and liquidity provider Raydium (RAY), have moved to other blockchains due to their lack of security. was forced to

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