Solana Blockchain-based DeFi altcoin project Serum (SRM) has seen a strong rise over the past 24 hours, driven by a jump in trading volumes with large whale purchases along with optimism about the NFT launch.
The price of DeFi altcoin project increased in line with whale interest
Serum rose 10% in the last 12 hours to $ 2,542. It also appears to be rebounding sharply from its low in about a month. SRM’s 24-hour trading volume increased by 79% to $185 million.
Serum has announced that Surfers’ collection of 5,000 productive Non Fungible Tokens (NFTs) will be launched on the Solana network via Burnt Finance’s Ignition Launchpad. The soon-to-be-launched project may have caught the attention of Ethereum (ETH) whales. As we reported as
Kriptokoin.com, the DeFi altcoin project stated that NFT holders will participate in giveaways and other events. The team added that Whitelist members will be able to print NFTs from April 19, while it will be publicly available from April 21.
SRM became the most purchased token by ETH whales
According to whale watching platform Whalestats data, SRM surpassed FTX Token (FTT) and Shiba Inu (SHIB) in the last 24 hours. It has become the most purchased token by ETH whales.
ETH whale named “Three Arrows” took the biggest share of SRM token. The whale wallet has added 65,966,540 SRMs worth over $167.5 million. Meanwhile, Three Arrows holds over $194 million in SRM tokens. However, the largest ETH whales cumulatively hold around $207 million worth of SRM. This amount corresponds to only 2.32% of the total holdings.
However, according to WhaleStats, ‘Three Arrows’ added over $81M in FTX tokens in 2 transactions in the last 24 hours. Whale accumulation in the crypto market has soared in recent sessions as a wide drop in valuations has made several cryptocurrencies susceptible to buying low.
Meanwhile, a proposal from Ratio Finance aims to implement 500,000 grants to allow SRM to be used for farming rewards on DeFi platform Atrix Protocol. If approved, the proposal is likely to increase the attractiveness of SRM as a DeFi altcoin project.
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