SIRIN LABS (SRN) has fallen, but is the spark still there?
Last week, we saw the SIRIN LABS (SRN) cryptocurrency coin surge nearly 1000%, making it the top earner on Friday. This was big news for a crypto token that hadn’t done much in a while, especially during a bear market.
SIRIN LABS recent performance is volatile
The price of SRN rose further on Saturday, reaching as high as $0.03729 (SRN/USD) until it started to decline. The token has turned bearish since then, dropping significantly to $0.00246 at its low on Sunday. Since then, the rate of SRN has stabilized. The SRN rate for today is $0.4084, down 1.12% since this time yesterday.
The rate has only slightly deviated since Sunday’s drop, holding close to the $0.050 level, and chances are it won’t deviate much from it for a few days.
Meanwhile, the rest of the market is getting a little boost today, with many of the major cryptos up 4-5% this morning. This is good news for a market that has been going through a very tough time lately, and it won’t be enough for rates to fully recover from the last cut, but it’s a positive sign.
Renewed interest in the SRN
The recent price action of SIRIN LABS has definitely brought this crypto token back into the spotlight. At present, trading volume is down 73%, with trading volume around $143,000 in the last 24 hours. This could change, however, as the market experiences a small jump. We could see rates go up and investors will give SIRIN LABS a chance.
Because this crypto has climbed so high recently, some investors might start buying some of its tokens in hopes that the rate will turn bullish again. It is definitely a crypto that will be on a lot more people’s radar from here on out, which means people will be watching price developments closely. If there is any indication that the rate will skyrocket, investors may go crazy buying tokens, so watch out for that as well.
Due to the low trading volume, compared to other cryptos, it won’t take much to drive the rate up.