Solana, FTT and Serum prices plummet on back of FTX collapse
Quick Take
- The prices of cryptocurrencies associated with Sam Bankman-Fried have dropped far more than the rest of the market.
- This comes on the back of FTX’s collapse and a possible acquisition by Binance.
The price of coins and tokens commonly associated with FTX CEO Sam Bankman-Fried — sometimes affectionately known as “Sam Coins” — have crashed on the back of the embattled crypto exchange's collapse.
Chief among them is FTT, the token directly associated with the FTX exchange. The price of FTT has fallen to $4.60 — down 75% in the last 24 hours and 85% in the last two days. The token has now fallen 94% since its all-time high in September 2021.
The price of FTT has dropped 75% today. Image: CoinGecko.
Not far behind is Solana (SOL), a coin quite separate from FTX but has long been associated with — and supported by — Bankman-Fried. The price of SOL has dropped to $18, down 35% today.
Serum is also majorly affected by the FTX news. It’s the native coin of a decentralized exchange in the Solana ecosystem and was also supported by Bankman-Fried. Its value has fallen to $0.45, down 36% in the last 24 hours.
All three coins have fared much worse than the rest of the crypto market has, on average. The global crypto market is down 9% to $933 billion, according to CoinGecko.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
