FTX is known for investing heavily in projects that offer innovation to the cryptocurrency market in general. However, the coins thought to be related to the stock market fell after the collapse of the struggling crypto exchange. So, how will the altcoin projects of the platforms that FTX invests in react?
The value of many exchange-related coins fell
FTX Token (FTT), the most relevant coin for the stock market, has dropped 75 percent in the last 24 hours. The depreciation in the last 2 days was 85%. The coin dropped to $4.60. The value of the cryptocurrency has lost 94 percent since its all-time high recorded in September 2021. Solana (SOL), on the other hand, is a separate coin from FTX. But it has long been supported by FTX CEO Sam Bankman-Fried. SOL price fell 35 percent to $18 today.
Serum (SRM) was also heavily impacted by the FTX news. It is the native coin of a decentralized exchange in the Solana ecosystem. It was also supported by Bankman-Fried. Its value fell 36 percent in the last 24 hours to $0.45. All three cryptocurrencies are doing much worse on average than the rest of the crypto market. According to the data, the value of the total crypto money market decreased by 9 percent to $ 933 billion.
On the other hand, the price movements of Solana-based coins such as FIDA, MAPS and OXY, which are among Alameda’s $3.37 billion cryptocurrencies, are carefully monitored. At the time of writing, FIDA is changing hands at $0.26, down 26 percent. MAPS lost 21.8 percent. OXY, on the other hand, fell 14.9%.
What about the platforms and altcoin projects that FTX invests in?
Also FTX; The Bored Ape Yacht Club (BAYC) had made a substantial investment in Yuga Labs, the creator of the NFTs. ApeCoin (APE), which has an important place in the BAYC ecosystem, lost its value by 13.8 percent. On the other hand, another platform FTX invested in was Aptos. The APT token has lost 30.8 percent at the time of writing. Helium (HMT) and Circle (USDC) were also platforms that received investments from FTX. HNT was down 21 percent at the time of writing.
There is no value change in USDC for now. As we have also reported as Kriptokoin.com, USDC is a stablecoin pegged to the US dollar. The separation of stablecoins from the dollar stable often plunges the market into greater chaos.