Serum DEX’s native token SRM goes live on top exchanges, SRM/USDT enjoys bullish domination

Decentralized exchange Serum recently listed its SRM token on major exchanges.
SRM price surged from $0.11 to over $1 in just a few seconds after Binance listing.
Serum’s IEO sold the SRM token for $0.11 and raised $660,000.

Serum, a decentralized exchange (DEX), recently got its native token SRM listed on major exchanges such as Binance, BitMax and Uniswap. Just a few seconds after listing on Binance, the token price shot up from $0.11 to over $1 (a surge of 1,029%).

$SRM is up 1029% on Binance today.

That is ridiculous.
— The Wolf Of All Streets (@scottmelker) August 11, 2020

Serum is a non-custodial DEX that will enable cross-chain trading. The project is a collaboration between FTX, a decentralized derivatives platform and the Solana blockchain platform. Sam Bankman-Fried, the CEO of Serum, said that the DeFi exchange will handle its first trade this week.

1) It's taken a huge effort from dozens of developers, designers, project managers, and community members; but things are coming together:

I'm excited to say that the first trade on the Serum DEX will print this week.@ProjectSerum
— SBF (@SBF_Alameda) August 11, 2020

Serum’s brief IEO on the FTX exchange sold the SRM token for $0.11 and raised $660,000. Approximately 10 billion SRM tokens were minted as the maximum supply. However, the initial circulating supply is 181 million tokens.

Bankman-Fried said that although Serum is operational, it is not yet a “full product.” The team is still connecting GUIs, APIs, and wallets. In other words, customers will have to use the platform through a command-line interface for now. The platform will soon receive a standard, easy-to-use web interface.

Serum claims to be the first fully decentralized derivatives DEX and aims to be more decentralized than its competitors. It plans to do so by offering cross-chain swaps without a central party and introduce its own native stablecoin without central backing.

SRM/USDT daily chart

On Binance, SRM/USDT bulls have remained in control for three straight days. During this period, SRM/USDT has gone up from 0.1158 to 1.768

SRM/USDT hourly chart

It looks like buyers and sellers are playing a game of tag for control over the SRM/USDT hourly market. Currently, the price has dropped below the pennant formation. Strong resistance levels lie at 1.758 and 1.8206. On the downside, we have healthy support at 1.6546 and 1.31. The relative strength index (RSI )is trending around the neutral zone.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram