Is Serum Worth Investing In?
Serum is growing in popularity every day and as a result, the decentralized exchange is also on the top of the list of crypto investors. Additionally, the SRM token is performing well, giving more encouragement to investors.
However, is the buzz around Serum justified? Should you also invest in SRM?
Let’s find out what our analysis shows.
What is Serum?
Serum is a decentralized exchange (DEX) to buy and sell cryptocurrencies. A decentralized exchange is free from regulatory control and works without an intermediary; any trade happens via the blockchain using the power of smart contracts.
What Are Smart Contracts?
Smart contracts are essentially lines of code that execute transactions on blockchains automatically. They eliminate the need for anyone to process the trading, making things faster and transparent.
Serum aims to create a DEX that offers the convenience of a centralized platform. The project uses the Solana blockchain, which is the fastest in the world. Plus, the trading fees are also very affordable due to lower costs.
What is the SRM Token?
SRM is the native token for the Serum ecosystem. SRM token holders can enjoy up to 60% discount on fees on the platform and they can also vote to have a say in the running of the crypto exchange.
Serum created 10 billion SRM tokens, out of which it has unlocked 10% for the first year; it will release the rest of the 90% of tokens over the next six years.
Serum has also allocated tokens for different purposes, like 20% for contributors, 20% for advisors, and 27% for partners.
SRM Price Analysis
SRM ranks 98 in the cryptocurrency space and is currently trading at $7.66. The token experienced massive growth as soon as it hit the market. SRM prices grew by 1,500% in the first 12 hours post listing in August 2020.
In the last 24 hours, SRM has increased 1.9% in value and reached a market cap of $1,021,314,543. This is a change from the previous seven days that saw the prices of SRM go down. The token declined 20.9% in price in the past week, and over the past 14 days, prices have gone down by 31.9% over the last 14 days.
We can see a downwards trend in the value of SRM from recent analysis, however, the token performs well when we look at the long-term results: in the last 30 days, SRM recorded a growth of 10.2%.
Additionally, the growth for last year stands at 288.1%. SRM also climbed to its all-time high of $13.78 on September 11.
Therefore, the token could be a good option if you want to hold your investment. SRM’s value could also grow in the future as Serum becomes more widespread in the crypto world.
Serum is a growing ecosystem that has created a stir in the decentralized finance market. SRM also holds a strong ground and shows promising growth in the long term. However, Serum can obviously still experience volatility and invite risks. Therefore, it’s best to research prices and market trends before investing in any cryptocurrency.