FTX token and other Sam Coins surge after Bankman-fried’s conviction
The post FTX token and other Sam Coins surge after Bankman-fried’s conviction appeared on BitcoinEthereumNews.com.
Altcoins linked to Sam Bankman-Fried see a significant surge, as the FTX token soared over 200% in a week. Despite the recent conviction of Sam Bankman-Fried on multiple counts of fraud and conspiracy, the altcoins closely associated with the FTX founder saw a major upswing during this week’s market rally. The so-called ‘Sam Coins’ have seen major gains this week, despite the negative sentiment around them throughout the month-long trial. #FTX Token has now surged nearly 200% in the span of a few days amid news of a possible exchange restart. It’s crazy how over $500 million has flowed into this token, despite the founder being convicted of fraud, and them operating a multi-billion dollar Ponzi scheme. Just… pic.twitter.com/qkz3eueCcU — WhaleWire (@WhaleWire) November 10, 2023 Leading the charge in this altcoin resurgence is FTX’s proprietary token, FTT, which has seen a meteoric rise of 200% in a week and a 75% increase in just 24 hours. Speculation around the potential revival of FTX, spurred by acquisition interests from companies like Bullish, seem to be fueling investor optimism. FTX token daily price chart The silver lining for ‘Sam Coin’ holders Other cryptocurrencies that Bankman-Fried supported, such as Serum (SRM), Oxygen (OXY) and Maps (MAPS) have also experienced significant growth, despite less clear narratives driving their rallies. Serum’s SRM token, heavily promoted by Bankman-Fried, has increased over 33% in the past week. Maps.me’s MAPS token, another beneficiary of the FTX founder’s investment, has risen 14% in 24 hours. Oxygen, another venture supported by Alameda Research, saw a minor dip on Friday but has maintained an overall weekly gain exceeding 25%. While the broader altcoin market, including Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE), has also seen gains, the increases have been modest in comparison, not surpassing 5% over the same 24-hour period.…
Filed under: News - @ November 12, 2023 3:18 am