Fed Chairman Powell Says Dogecoin Symbolizes ‘Frothy’ Stock Market

Fed Chairman Powell Says Dogecoin Symbolizes ‘Frothy’ Stock Market

Cryptocurrency traders were agog last August when prices for the digital token serum (SRM) jumped 10-fold on its first day of trading after being listed on Binance, the world's largest cryptocurrency exchange by volume.

But another 10-fold increase since then is sparking a new wave of speculation among digital-market analysts over the token's future – apparently tied to the growing popularity of the affiliated decentralized exchange Serum, which is built on top of the Solana blockchain, and championed by Sam Bankman-Fried of the FTX crypto exchange and Alameda Research trading firm.

Prices for the SRM token shot up Tuesday to an all-time high of $11.13, according to the data firm Messari. The market capitalization now sits around $500 million, well below the $22 billion for the leading decentralized exchange Uniswap's UNI token but still enough to turn heads. As of press time, SRM was changing hands at around $9.27.