Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
SBF’s ‘Sam Coins’ are alive and well, and they are frontrunning the rally

SBF’s ‘Sam Coins’ are alive and well, and they are frontrunning the rally

Blockworks2023/11/11 05:21
By: Blockworks
BTC+0.13%SOL+0.94%SRM0.00%
SBF-backed altcoins are rallying despite the disgraced founder being convicted on seven federal counts

A week after a jury found him guilty on all seven counts of fraud and conspiracy, Sam Bankman-Fried’s former tokens of choice have emerged as frontrunners in the altcoin rally. 

Risk-on is back in crypto markets, a trend analysts attribute (potentially prematurely) to bitcoin, and now ethereum, ETF optimism and estimates that the Federal Reserve’s rate-hiking cycle has reached a peak. Bitcoin and ether logged impressive gains over the last week — 7% and 15.5%, respectively — but the moves of smaller tokens have dwarfed these rallies. 

Perhaps the most ‘Sam coin’ of all, FTX’s native token ( FTT ) leads the pack, posting a staggering gain of 200% over the week and 75% over the past 24 hours alone. Traders appear to be betting on a revamped FTX exchange launching, a narrative driven by reports that exchange Bullish and other firms are vying to purchase the bankrupt FTX. 

Some analysts are going all in on the theory, likely pushing investors to finalize their trades. 

Read more: FTX mulls reboot proposals from bidders: Bloomberg

“While the announcement of FTX’s winning bid could occur in December 2023, we project the exchange to be operational by May or June 2024,” analysts from Matrixport wrote in a research note Thursday. “FTX is anticipated to reclaim its position as a top 3 exchange within twelve months.”

Other ‘Sam coins’ posting rallies are following far more elusive narratives, such as serum ( SRM ), oxygen ( OXY ) and maps ( MAPS ), but are still far outperforming other altcoins. 

Decentralized exchange Serum’s SRM token, which Bankman-Fried aggressively invested in and promoted, is up more than 33% in the past seven days. 

Bankman-Fried also poured money into Maps.me, a decentralized mapping application, leading the company’s $50 million funding round in January 2021. Today, MAPS is up 14% in the past 24 hours.

Another Alameda Research-backed operation, oxygen, dipped slightly Friday, but remains up more than 25% over the past week. 

Altcoins including ripple ( XRP ), cardano ( ADA ) and dogecoin ( DOGE ) may be in the green, but none have managed to crack 5% over the past 24 hours. 

Solana ( SOL ) also known as a “Sam coin,” at least to federal prosecutors during the disgraced FTX founder’s criminal trial last month, seems to have “transcended” Bankman-Fried over the past year, Roshun Patel, partner at Hack VC, said. 

Bankman-Fried, once a larger backer of SOL, called the token crypto’s “most underrated” asset in 2021. FTX still holds some 50 million SOL tokens (most of which are locked) worth more than $1 billion, according to bankruptcy filings last month . 

Solana remains the sole “Sam coin” in the green over the year, posting a remarkable 214% increase since November 2022. OXY, MAPS and SRM are all in the red, even after this week’s rally. 

SRM and MAPS lead the decline, losing 88% and 70%, respectively, since this time last year.

Don’t miss the next big story – join our  free daily newsletter .

Tags
  • altcoins
  • Sam Bankman-Fried
  • SBF trial
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,923.65
-0.06%
Ethereum
Ethereum
ETH
$4,619.78
-0.96%
XRP
XRP
XRP
$3.04
-2.77%
Tether USDt
Tether USDt
USDT
$1
-0.00%
Solana
Solana
SOL
$242.27
+0.50%
BNB
BNB
BNB
$930.55
-0.32%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2804
-3.84%
TRON
TRON
TRX
$0.3489
-0.30%
Cardano
Cardano
ADA
$0.8914
-4.32%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter