In this article we see what the latest news and a price overview is for the Solana (SOL), Space ID (ID) and Serum (SRM) crypto asses.
How are these 3 crypto performing chart-wise? Is there any news to report?
All the details below.
News update for the Solana (SOL), Space ID (ID) and Serum (SRM) crypto assets
We start Monday with a review of the latest news relevant to 3 cryptocurrencies that are very different from each other and with projects that have different goals.
On 13 April it was officially shipped to those who had pre-ordered it months ago. Whereas on 8 May, it will go on public sale at a price of $1,000.
This is a very important event because Saga represents the first prototype smartphone using decentralized applications on blockchain.
It will be very curious to see what the first feedback from early adopters of the product will be.
— Solana (@solana) April 13, 2023
As for Space ID, a project recently launched by Binance’s launchpad, it is worth noting that the “Voyage Season II” has surpassed the $10 million mark on the offerings of all NFT collections.
Voyage Season II is an online event in which Web3 users can participate by purchasing NFT collections belonging to the Ethereum, Bnb and Arbitrum blockchains to earn points as rewards for future prizes.
These rewards are likely to correspond to monetary compensation as happened in Voyage Season I that ended with an airdrop to the most active users.
Another hot stuff in the game right now.⚡️#SPACEID Voyage Season II – Striking has surpassed $10,000,000 USD in total Collection Offer value.🌎
— SPACE ID (@SpaceIDProtocol) April 14, 2023
Finally, for Serum the most relevant news concerns Open Book, the project’s main fork, which announced via a lengthy thread that work is underway to develop OpenBook V2.
We will see whether Solana’s blockchain-based decentralized exchange will be able to find an adequate user base to regain the reliability lost after the collapse of FTX.
Following the fall of the well-known exchange, in fact, many traders stopped using Serum’s products, which were sponsored by the FTX team itself.
Big things are happening at OpenBook!
As you may have already heard, OpenBook V2 is officially in development. We’ve got lots of things to discuss. So come along with us on a thread. 🧵👇 pic.twitter.com/RynnFOnXB8
— OpenBook (@openbookdex) April 13, 2023
Price analysis and future forecast for crypto Space ID (ID)
The crypto Space ID (ID) was recently launched through the project incubator “Binance Launchpad,” and it immediately gained popularity.
The first day of trading for ID saw the crypto go from a low of $0.025 to a high of $2.5, which was reached quickly with a spike.
Obviously these values should be taken with a grain of salt since during these “special launches” the price is very volatile and it is very unlikely to be able to buy at the lows as well as sell at the highs. Since there are no orders on the order books, it is well understood that the price can change very quickly in fractions of a second.
From the chart on a 15-minute time frame, the anomaly of the first trading candle is blatantly visible.
Currently ID’s price is $0.859 per token, with a market capitalization of $245 million, volume in the last 24 hours of $529 million (more than double the capitalization) and a circulating supply of 14% of the total.
In the past 7 days, the crypto has seen a remarkable price increase from $0.46 to its current price. This is almost an x2 in a very few days.
At the moment, it is difficult to make future predictions about ID’s price, given the lack of extensive trading history and given the hype these days about the price growth of the main cryptocurrencies in the market, Bitcoin and Ethereum.
For now, the situation seems bullish but these factors could artificially affect the price, which would then see it decline over time.
The project looks promising and developments are progressing in the right direction, however care must be taken with the large amount of tokens that will have to be unlocked sooner or later by the team given the large maximum supply set.
Solana (SOL) and Serum (SRM): crypto assets destroyed by the collapse of FTX
Solana (SOL) and Serum (SRM) are two cryptocurrencies that before the FTX exchange collapse enjoyed a very good reputation and could boast strong price returns during the 2021 bull run.
However, the good times were tarnished by the fall of what was considered the two projects’ biggest backers and financiers.
Indeed, Sam Bankman Fried had supported the growth of the two crypto assets both socially and economically.
Since May 2022, the prices of SOL and SRM have slipped dramatically and have not reached the values before the FTX collapse.
In detail, with regard to SOL, prices since May 2022 have suffered a breakup of the $100 psychological threshold and subsequently found a support base around $10.
The coin is currently up x2.5 from the bottom and currently trades at $24.95 per unit.
In the last 24 hours, SOL has had a price increase of 3.31%, with a capitalization of $9.7 billion and a trading volume of $800 million in the last day.
The situation for SOL’s price seems anything but bullish: pre-FTX values are a long way to go. It is hoped that the launch of SAGA will bring profits to the team, which can relaunch with new products in the future.
In contrast, regarding SERUM (SRM), the situation looks darker.
Even before the FTX collapse, the token already had a disastrous price action, and after that fateful day the graph is even more gruesome.
The crypto has lost more than 90% since May 2022 and does not seem to have had a chance to recover. The all-time high is located in the $13.7 area, touched in September 2021.
SRM currently trades at $0.209 with a market capitalization of $55 million and volume in the last 24 hours of $22 million.
Most seriously, only 3% of the total supply is in circulation, hence there is likely to be high inflation on the price of the crypto.
The only thing SRM holders can hope for is that all the downsides of crypto have already been priced in by the market.
This has nothing to do with the possibility of seeing all-time highs again, which now seems increasingly remote, however if the team manages to redeem itself with the V2 version of OpenBook, perhaps it could leave behind all the negativity it has suffered over the past 2 years and go through a bullish phase on price.
As of now, however, it seems only a mirage.