When all markets suffer from bearish pressure, things are not looking pleasant by any means. One of the bigger “losers” of the day is Sirin Labs Token, a project which has actually been associated with a physical product. This is another clear example of how speculators buy the hype and sell the news. Even so, the matter might rebound sooner than originally anticipated.
Sirin Labs Token Faces a Dip
It is not entirely surprising to learn people are massively dumping altcoins in favor of more stable assets. Especially when it comes to ICO tokens retaining their value, the year 2018 hasn’t been all that great whatsoever. Anyone who invested in Sirin Labs Token may be wondering where things will head next. Most of the losses have been negated, but there is still big discrepancy across the charts.
Over the past 24 hours, the Sirin Labs Token price has dropped by over 30% at its lowest point. That loss has now been reduced to just over 15% in USD value, as well as 11% in BTC vale and 13% in Ethereum value. All of these losses come at an odd time, considering how there is actually some positive news people have been waiting for over the past few months.
The big news is how the company behind this token, simply known as Sirin Labs, has effectively unveiled their blockchain phone. Known as the Finney, it can generate a lot of excitement. One clever marketing stunt – or a major terrible decision – is how it can only be preordered by using the Sirin Labs Token itself. That should create a price rise, yet the opposite has happened when the news become a global source of information.
— Huobi Japan (@HuobiJapan) November 30, 2018
One thing working in favor of SIRIN is how it still has one of the bigger blockchain communities on Telegram. Whether that has anything to do with the phone itself, is a different matter. After all, this list also includes Binance and KuCoin, as well as an airdrop few people even know exists. Always take rankings like these with a few grains of salt.
Read more ➡️https://t.co/fpMm3DmKI3
— Blockchain Community Analytics (@fansindex) November 30, 2018
It is evident the big Sirin Labs Toen price dump occurred in the early hours. Whether this is due to insider information or simply a well-timed sell order, is difficult to predict. The value collapsed by 20% and hit as low as $0.09 at that time. As of right now, the value dropped to just over $0.08, indicating this downward pressure is far from over.
— cryptosignals (@altcoinie) November 30, 2018
With all of these developments taking place, it is evident the sale of the Finney phone will not necessarily warrant a Sirin Labs Token price increase People simply sold on the news, a trend that has become very apparent in the cryptocurrency industry as of late. It seems unlikely anything will change over the weekend, albeit anything remains possible with the weekend just around the corner.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.