{"id":513518,"date":"2022-11-21T18:19:02","date_gmt":"2022-11-21T15:19:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/"},"modified":"2022-11-21T18:19:02","modified_gmt":"2022-11-21T15:19:02","slug":"serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/","title":{"rendered":"# Serum price soars 140% in one week amid FTX &#8216;exit pump&#8217; fears"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ad7351872c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ad7351872c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/#%E2%80%9D_Serum_price_soars_140_in_one_week_amid_FTX_%E2%80%98exit_pump_fears_%E2%80%9C\" >&#8221; Serum price soars 140% in one week amid FTX &#8216;exit pump&#8217; fears &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/#SRM_price_up_140_in_one_week\" >SRM price up 140% in one week<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/#%E2%80%9CCloser_to_zero%E2%80%9D\" >&#8220;Closer to zero&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/#Serum_community_forks_to_cut_ties_with_FTX\" >Serum community forks to cut ties with FTX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\/#Serum_price_collapse_ahead\" >Serum price collapse ahead?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Serum_price_soars_140_in_one_week_amid_FTX_%E2%80%98exit_pump_fears_%E2%80%9C\"><\/span>&#8221; Serum price soars 140% in one week amid FTX &#8216;exit pump&#8217; fears &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5129e2ea>Serum, a &#8220;decentralized exchange&#8221; on the Solana blockchain, has performed exceptionally well in terms of its SRM token price, despite it ties to the defunct FTX exchange.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SRM_price_up_140_in_one_week\"><\/span>SRM price up 140% in one week<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the daily chart, the SRM\/USD pair has gained 140% in the last seven days, hitting $0.319 on Nov. 21 versus $0.177 on Nov. 14. <\/p>\n<p>This pushed the circulating market cap to about $73 million and &#8220;fully diluted market cap,&#8221;\u00a0the market cap if the maximum supply was in circulation, to nearly $2.8 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/2a4d4f8b-8784-45ed-88f5-621519580352.png\"><figcaption style=\"text-align: center;\"><em>SRM\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CCloser_to_zero%E2%80%9D\"><\/span>&#8220;Closer to zero&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SRM price rallied despite the ongoing delisting of Serum trading pairs across major cryptocurrency exchanges, including Binance, OKEx, Gate.io, and Phemex, thus raising fears about an ongoing &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Dollamana1\/status\/1594509130353741824\">exit pump<\/a>.&#8221;<\/p>\n<p>Exit pumps are when large investors pump the token&#8217;s price in a low-liquidity environment to attract new buyers, only to then dump their entire holdings on amateur investors as\u00a0witnessed with numerous pump-and-dump schemes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hahah. This pump here, is meant to trap anybody in a position on kucoin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SRM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SRM<\/a> because it\u2019s getting delisted TOMORROW. Maybe now. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fVVYumSkNA\">pic.twitter.com\/fVVYumSkNA<\/a><\/p>\n<p>\u2014 IcZ 64 \u2663\ufe0fGe\u0438o Analysis \u2660\ufe0f (@IcZeno) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IcZeno\/status\/1592308773796077569?ref_src=twsrc%5Etfw\">November 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Distrust in Serum has grown due to its troubling exposure to FTX. In a Nov. 11 bankruptcy filing, a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c2a55b6-d34c-4685-8a8d-3c9628f1f185\">leaked balance sheet<\/a>\u00a0revealed that FTX had $8 billion in liabilities against a reserve mostly comprised of illiquid assets, including SRM.<\/p>\n<p>Notably, FTX showed about $5.4 billion worth of SRM tokens in its reserves, or almost 97% of Serum&#8217;s\u00a0total market cap, including the circulating and fully-diluted supply.<\/p>\n<p>As a result, the token&#8217;s exposure to FTX has raised the possibility of a major selloff.\u00a0<\/p>\n<p>&#8220;If FTX had attempted to sell them into the market over the course of a week or month or year, it would have swamped the market and crashed the price,&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2022-11-14\/ftx-s-balance-sheet-was-bad\">noted<\/a> Matt Levine, Bloomberg&#8217;s Opinion Columnist, adding: <\/p>\n<blockquote><p>&#8220;Perhaps it could have gotten a few hundred million dollars for them. But I think a realistic valuation of that huge stash of Serum would be closer to zero.\u00a0That is not a comment on Serum; it\u2019s a comment on the size of the stash.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Serum_community_forks_to_cut_ties_with_FTX\"><\/span>Serum community forks to cut ties with FTX<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SRM price rally in the past seven days coincided with efforts to distance Serum from FTX.<\/p>\n<p>Serum&#8217;s key backers threw their weight behind an emergency &#8220;community fork&#8221; after wallets associated with FTX saw suspicious outflows worth\u00a0$266.3 million on Nov. 11. <\/p>\n<p>Brain Long, one of the popular validators on Solana, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brianlong\/status\/1592514197329674240\">noted<\/a> that the fork had renewed the market&#8217;s sentiment in SRM.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Open Source + Order Book = Open Book. The name also suggests transparency.<\/p>\n<p>Post other ideas below. Also, post some <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BadNamesOnly?src=hash&amp;ref_src=twsrc%5Etfw\">#BadNamesOnly<\/a> for humor. \ud83d\ude09<\/p>\n<p>\u2014 Brian Long | Block Logic | Triton One \u2600\ufe0f (@brianlong) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brianlong\/status\/1592514883450712065?ref_src=twsrc%5Etfw\">November 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Still, Serum&#8217;s fork has failed to attract fresh capital toward its liquidity pools. As of Nov. 21, the total-value-locked inside Serum&#8217;s reserves was a mere 33,900 SOL compared to 3.3 million SOL at the start of the month.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/b4c37a55-1f7f-4a25-8237-34f89ecc844e.png\"><figcaption style=\"text-align: center;\"><em>Serum total-value-locked as of Nov. 21. Source: Defi Llama<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Serum_price_collapse_ahead\"><\/span>Serum price collapse ahead?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From a technical perspective, SRM stares at the possibility of undergoing massive selloffs in the coming weeks.<\/p>\n<p>The bearish argument stems from a descending triangle setup on its daily chart, which suggests more declines ahead if coupled with the previous SRM price downtrend. Descending Triangle patterns are trend continuation setups. <\/p>\n<p><strong><em>Related:\u00a0Not just FTX Token: Solana price nukes 40% along with other \u2018Sam coins\u2019<\/em><\/strong><\/p>\n<p>Hence, SRM now eyes a potential breakdown below the triangle&#8217;s lower trendline near $0.234. A successful break below the said support would risk sending the price toward the level at length equal to the maximum distance between the triangle&#8217;s upper and lower trendline.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/cd35fb0d-3e80-4480-836d-da8ee5cc7960.png\"><\/figure>\n<p>In other words, SRM price risks crashing to $0.10, or by 65%, by December 2022. <\/p>\n<p>Conversely, a breakout above the triangle&#8217;s upper trendline near $0.30 could have the token test its 50-day exponential moving average (50-day EMA; the red wave) at $0.56 as its next key upside target.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/serum-price-soars-140-in-one-week-amid-ftx-exit-pump-fears\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Serum price soars 140% in one week amid FTX &#8216;exit pump&#8217; fears &#8220; Serum, a &#8220;decentralized exchange&#8221; on the Solana blockchain, has performed exceptionally well in terms of its SRM token price, despite it ties to the defunct FTX exchange. SRM price up 140% in one week On the daily chart, the SRM\/USD pair&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNjk5MzU4NjUtMmY3Yi00M2M1LWJjNmEtM2UwYTFkM2NhMzJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74860,74877,135234,74939,91283,92498,73785],"class_list":["post-513518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrency-exchange","tag-decentralized-exchange","tag-ftx","tag-market-analysis","tag-pump-and-dump","tag-solana","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513518"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513519"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}