After the weekend turned the tides on the crypto market, altcoins remained relatively depressed. However, in the case of Status Network (SNT), a spike of 30% overnight recalled the earlier price movements, showing that this coin was still capable of spiking upward quickly. SNT added 33.17% overnight to $0.11.
The Status Network project is a recent ICO, which, however, may take a while before launching a beta version of its chat app, and creating a usage for the SNT tokens. Meanwhile, the asset is speculatively traded on Upbit, as well as Binance, relying on Asian market sentiment. The effect of Ethfinex is still limited, despite the fact that SNT was one of the earlier coins to be added.
At the moment, the Beta release for SNT is under security review, by Dejavu Security:
The SNT digital asset has received warnings for investors, mostly due to the propensity for high volatility and the influence of what looks like speculative pumps. At peak prices, SNT traded above $0.66, but slid as low as $0.08, retracing to the prices before the December and January pumps.
Status Beta Release
Based on the tentative timeline for the security audit, the Status Network beta version may appear in the coming 4-6 weeks. It is expected that SNT will remain an Ethereum-based asset. Yet this may be just one step in the process, with the Status team potentially further delaying the product launch. The GitHub discussions of the project lists a few more steps before the launch, including the running of a bug bounty campaign, as well as internal testing by the team.
During the recent price spike, some believed SNT would reach $2 prices in March, but the market shakedown brought the prices to an earlier price range. Now, the speculation has started once again, seeing April as another strong month for SNT. Yet in the past, the asset has hovered sideways for a while, before suddenly doubling overnight.
At the moment, the crypto community still sees SNT as mostly speculative opportunity, possibly underpriced at one moment. However, the biggest risk remains the low trading activity, with almost no liquidity compared to the beginning of 2018.
This article appeared first on Cryptovest
