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The jump in the price of “Sam Coins”; What is the reason for the growth of tokens related to the bankrupt FTX exchange?

افزایش چشمگیر قیمت سم-کوین‌ها در ماه گذشته

One of the interesting points of the bullish rally in January was the dramatic growth in the price of cryptocurrencies linked to the bankrupt exchange FTX.

According to Mihan Blockchain and quoted by Bitcoinist, at the same time as the large FTX exchange collapsed in November and the financial-ethical scandals surrounding it, the price of all cryptocurrencies that are somehow supported by Sam Bankman-Fried (SBF) and the venture capital arm of FTX , Alameda Research, had a significant drop. These cryptocurrencies, which were called “Sam-Coin” due to their association with Sam Bankman-Fried, in addition to FTT, the native token of the FTX exchange, and important cryptocurrencies such as Solana, various other cryptocurrencies such as Serum (SRM), Maps (MAPS) and They included oxygen (OXY).

Despite the fall in the price of the so-called toxic coins at the end of 2022, in the last month, along with the upward rally of the price of Bitcoin, the price of these cryptocurrencies has experienced a significant growth. The growth of the price of these tokens happens while the FTX exchange is still out of reach and is going through the bankruptcy process with billions of dollars in debt, and its former head is on trial for various charges, including defrauding FTX customers and investors.

FTT price growth

The price of FTT, the native token of the FTX exchange, has grown by 136% from the bottom recorded on December 30, 2022 (9 Dec 1401) to date, from $0.81 to $1.97. The price of FTT reached $2.8 on January 16 (26). Meanwhile, the ATH price of FTT in the 2021 bull market was about $85.

FTT price
FTT price chart in daily time frame in BUSD; Source: Trading View

Solana price growth

The price of the SOL cryptocurrency, the native coin of Solana’s layer 1 network, which with the support of FTX was able to rise to $260 in the previous bull run, and emerged as the most important competitor of Ethereum, had a stunning fall with the collapse of FTX, and until December 29, 2022 (December 8, 1401 ) reached 8 dollars. However, the price of SOL has grown by around 200% over the last month and is currently trading around $24.

Solana price
SOL price chart in daily time frame; Source: Trading View

SRM price growth

The price of SRM cryptocurrency, the native token of the Serum project, a decentralized exchange on the Solana platform, which reached around 11 cents on December 29 (8) is currently trading at around 37% with 240% growth. The ATH of SRM price is about $12.8, which occurred in September 2021 (Sehriyav 1401).

SRM price growth
SOL price chart in daily time frame; Source: Trading View

In addition to SOL, FTT and SRM, which are considered the most important “sem-coins”, the price of MAPS and OXY cryptocurrencies have also grown by 351% and 353%, respectively, from the bottom formed at the end of 2022.

What is the reason for the price growth of Sam-coins?

The significant growth of the Bitcoin price since the beginning of 2023 has caused high leverage trading to return to the market, and various altcoins have experienced a significant relief rally after being compressed to multi-year resistances. Sam-coins were not separated from this trend, but the spread of whispers about the possibility of reopening the FTX exchange under new management to compensate the losses of the losers was one of the biggest drivers of the price recovery of Sam-coins.

It should be noted that if the upward trend of the Bitcoin price stops or the rumors surrounding the reopening of FTX are violated, there is a possibility that the price of sam-coins will fall again. Trading and investing in these tokens, which have suffered severe and even irreparable damage in terms of fundamental analysis, is not recommended at all. The purpose of this article is to remind the speculative nature of the crypto market and increase the awareness of the audience about the market situation.

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