Here’s the thing, we all wish we could go back in time and buy Bitcoin or altcoins and quit our jobs and move to Florida. Since the only time machines are in Area 51, the only alternative is to keep a lookout for new altcoins that are ready to explode. Well, apparently Ethereum whales are way ahead of us with Serum (SRM). As whales continue to sell their Shiba Inu, new data suggests that they are quickly accumulating Serum (SRM). The new altcoin is essentially a DeFi crypto project associated with crypto exchange FTX.
What is Serum (SRM)?
Basically, Serum is a crypto project that acts as a protocol for decentralized exchanges. SRM is a utility token for the Solana-based decentralized exchange FTX. Primarily, FTX backs Serum (SRM) and FTX chief executive Sam Bankman-Fried is an advisor for the project.
According to the official website, Serum protocol allows for fast transactions with costs up to 60% lower. In fact, Serum (SRM) transactions cost an astonishing $0.00001 per transaction. And as for speed, the network has sufficed to say sub-second trading and settlement. With a peak of 65,000 TPS and 400ms block times, Serum (SRM) has made some big claims.
Ethereum Whales Have a New Favorite
Interestingly, Ethereum whales are pouncing on Serum according to WhaleStats. Last week, the top 100 Ethereum wallets purchased an average of over $1.9 million worth of Serum (SRM). To put that in comparison, the SRM purchases by the same wallets were at $237,875 last week.
Currently, SRM is trading at $2.45 and is ranked as 133rd crypto asset by market cap. Furthermore, SRM is down almost 9% in the past week.
And as for FTX, the top 100 ETH wallets purchased an average of $2.25 million worth of FTX Token (FTT) only in the past week. In the meantime, they sold $1.4 million in the same time. Despite the large number, FTX is still a popular purchase considering the scale of accumulation.
On the other hand, Shiba Inu, Elon’s financial toy and his inspiration for unfunny Twitter jokes is disappointing Ethereum Whales. In total, the top 100 ETH addresses sold off an average of $679,410 worth of SHIB last week and purchased $582,686.
And of course, they wouldn’t be Ethereum whales without holding large amounts of ETH. Last week, the top 100 ETH wallets purchased over $7 million worth of ETH while selling $8.5 million. In that regard, Ethereum has also seen outflows last weeks.