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

Project Built on Ethereum Rival Solana Explodes 130% in Just One Week As Bitcoin Regains $21,000
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A small capitalization based on Solana () altcoin has more than doubled in value during the past week as Bitcoin () returns to the $21,000 level.

The decentralized exchange platform (DEX) Serum () jumped 130% in the last seven days after suffering from the collapse of the FTX crypto exchange, on which it relied heavily.

Wall Street Journal says so, Jean Ray the Third, who became head of the FTX last year after the resignation of its founder Sam Bankman-Fried, says FTX can restart its crypto exchange activity.

Ray, a bankruptcy expert, told the Wall Street Journal that he has established a working group to explore the possibility of revitalizing FTX.com.

News of the possible restart prompted the SRM to fly from a seven-day low of 19 cents on January 14 to a local high of 55 cents two days later. Cryptographic assets have since stabilised and changed hands for $0.425 at the time of writing, a decrease of 6.5% over the day.

The disintegration of the FTX ecosystem last November had a significant impact on SRM prices, resulting in a drop of $0.82 to $0.18.

Back when, Serum's FTX drop caused the protocol program to become dead and forced projects built upon it, as DEX Jupiter Exchange and Raydium, a liquidity provider (), switch to other blockchains for safety reasons.

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