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 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.
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.
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