• Sam coins, which SBF was either heavily invested in or was among the project backers, or both, are rallying.
  • Solana and Serum register double-digit gains of 23%, while FTX token boasts a stark 100% 24-hour price surge.
  • SOL, SRM, and FTT are rallying along with the market despite reports that SBF’s second trial could begin in March 2024.

Solana (SOL), Serum (SRM) and FTX token (FTT), effectively called “Sam coins,”  are among the top gainers, closing the week on a tear with some positing double-digit gains as others flash triple digits. It comes as the broader market enjoys what seems to be the early stages of a bull run, but one person, in particular, may not be as elated as he gets to watch everything from within the confines of a jail cell.

Also Read: FTX founder Sam Bankman-Fried found guilty on all counts, including stealing $8 billion from users

Solana, Serum, FTT rally as Sam coins are on a tear

Solana (SOL), Serum (SRM) and FTX token (FTT) are rallying. The first two have posted 23% gains, while the latter boasts a significant 100% price surge in the last 24 hours. The surge comes along with an increase in trading volume over the same period.

Increased trading volume points to the asset gaining attention, which is driving trading activity. It can also be a sign of increased liquidity, and therefore better order execution, which is why the market is active in connecting buyers and sellers. More intricately, however, a surge in trading volume could point to strong buyer interest in the asset, particularly when high trading volume accompanies rising prices or an upward trend, as is the current case.

If the trading volume surge features dropping prices or an effective downtrend, then we could say investors are worried. But such is not the case, despite Sam Bankman-Fried’s (SBF) troubles with the law.

SOL/USDT 1-day chart, SRM/USDT 1-day chart, FTT/USDT 1-day chart

Ripple (XRP) lawyer John E. Deaton has commented on the hard pump in FTT price, saying it is redeeming for the mental torture of SBF.

Sam Bankman-Fried’s second trial likely held in March

The court found Sam Bankman-Fried guilty on seven counts of charges related to fraud and money laundering. From an excerpt in a statement from the US attorney’s office at the Southern District of New York:

[The defendant is] charged with a wide-ranging scheme to misappropriate billions of dollars of customer funds deposited with FTX and mislead investors and lenders to FTX and to Alameda Research.

Despite being found guilty, his sentencing will not come until March 28, with a second trial likely to fall on the same month, potentially on the 11. This case will involve charges of foreign bribery, termed the China bribe.

The US Department of Justice (DoJ) has a window closing on February 1 to decide whether the trial proceeds or not. Meanwhile, following testimonies by SBF’s close associates, the odds favor the prosecution team, with the defendant’s stance made worse by its gentle defense.

 

 

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