SIRIN LABS’ token (SRN) hit a new all-time high this week on fevered anticipation of the world’s first blockchain phone.
Following a highly successful ICO launch, which we featured last month, SIRIN LABS was able to secure about $157.9 million. This massive investment reflects expectations that the eagerly awaited blockchain mobile phone will revolutionize the communications market.
SRN was the top gainer on Monday, its price jumping 52% from $2.48 to $3.77 before a minor correction. Looking strong to retest its new resistance, the token has already managed to recoup most of its losses, currently trending at $3.51.
At the height of the price action, SRN’s market cap exceeded $375 million, ranking it at number 80 on CMC. It also recorded an impressive 24-hour trading volume of about $24 million today despite being listed on only a handful of less-frequented exchanges.
With a circulating supply of just over 98.9 million, the altcoin has only trickled 17% of its total supply (some 573.1 million) into the market at this early stage.
Bringing cryptocurrencies closer to mass adoption, the new Finney mobile handset marries built-in crypto wallet functions and premium cyber security features with the one piece of tech we can’t seem to live without.
On top of that, SIRIN LABS has also partnered with crypto-tech giant IOTA to provide a reliable, secure, and innovative blockchain solution.
Utilizing IOTA’s tangle technology, Finney will have the capability of sending virtually feeless micro transactions across the network and establish a P2P marketplace where resources such as battery power and unused data can be shared or traded.
What can we expect from SRN?
SIRIN LABS has really done its homework on this new product launch. The Finney phone looks set to bring all the best features of cryptocurrencies into a hugely centralized market with a truly global audience.
Partnering with IOTA aims not only to reassure buyers with a tried and tested technology but also to bridge the gap between the crypto community and everyone else. This should go a long way towards making crypto more accessible, more intuitive, and more mainstream.
As for SRN, we can expect more growth as it gets listed on other, major exchanges such as Binance and Bittrex.