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This Solana-Based Token Was Bought The Most By ETH Whales

Solana-based DeFi token Serum (SRM) marked a strong rally over the past 24 hours, as optimism over an NFT launch, coupled with major whale accumulation sparked a jump in trading volumes.

SRM jumped 10% in the past 12 hours, hitting a high of $2.542. It also appeared to be recovering sharply from a near one-month low.  SRM’s 24 hour trading volume jumped 79% to $185 million.

The project said its Surfers collections of 5,000 generative non-fungible tokens (NFT) will launch on the Solana (SOL) network through Burnt Finance’s Ignition Launchpad. This imminent project might have caught the attention of the Ethereum (ETH) Whales.

Serum mentioned that NFT holders will get to participate in giveaways and other events. The team added that Whitelist members can mint the NFTs from April 19th, while publicly it will be available from April 21st.

Serum stands at the 159th spot among the largest cryptocurrencies with a total market cap of around $332 million.

SRM the most purchased token by ETH whales in 24 hours 

SRM overtook the FTX token and Shiba Inu token to become the most purchased token by ETH whales over the past 24 hours, data from Whalestats showed.

The ETH whale named “Three Arrows” took the biggest scoop of SRM token. The whale wallet has added over $167.5 million worth of 65,966,540 Serum tokens. Meanwhile, the Three Arrows is holding over $194 million worth of SRM tokens. However, the top ETH whales hold around $207 million worth of Serum tokens cumulatively. It takes just 2.32% of the total holdings.

As per the WhaleStats, the “Three Arrows” ETH whale has also added over $81 million worth of FTX tokens in 2 transactions in the last 24 hours.

Whale accumulation in the crypto market has picked up in recent sessions, as a broad drop in valuations has made several coins susceptible to bargain buying.

Serum also sees DeFi interest

A proposal from Ratio Finance seeks to apply a 500,000 grant to allow SRM to be used for farming rewards on DeFi platform Atrix Protocol.

If approved, the proposal is likely to increase SRM’s attractiveness as a DeFi medium.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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