wither A decentralized exchange protocol on its blockchain Serum’s SRM tokens were bullish on the digital asset markets on Tuesday.
The community is one of the key supporters of the project. Sam Bankman-Fried’s FTX He wanted to perform an emergency fork in response to the recent hacking of his stock market.
Serum’s SRM Tokens Value After FTX Hack
Community members of the decentralized exchange started work to implement an emergency fork after security concerns triggered by the hack of Sam Bankman-Fried’s FTX exchange.
Serum token price just two days ago $0.12 from low for $0.32 rose up.
The community forked the project after warnings that security might have been compromised by the November 11 attack.
Serum (SRM) price started to rise on Monday, reaching a high of $0.34 today from a low of $0.12 on Sunday. The token is still 95% lower than last year.
Jupiter Aggregator, a major liquidity aggregator for Solana DeFi and affiliated with Serum, tweeted Tuesday that it is testing the integration of the new version and will “announce it as soon as it’s ready.”
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Riyad Carey, one of its veteran analysts, said in a statement that the price increase was most likely due to the community “gathering behind a fork”.
However, he stated that “it is unclear how the SRM token will perform if the fork attracts interest.”
SRM had experienced a sharp drop in market depth on crypto exchanges triggered by the collapse of Bankman-Fried’s crypto company, including the FTX exchange and trading firm Alameda Research.
Especially, coins that have experienced such a rise are quite risky, even though they whet the appetite of investors. Although these coins are likely to rise further, it should not be overlooked that they can lose a lot of value in a fall.
*Not investment advice.