1. BITBILIHome
  2. Article

CYBER replaces Friend.Tech – Are investors wrong yet again?

• 29 views

TL;DR Breakdown

  • Just like Friend.Tech, CyberConnect (CYBER) is a social media network that allows developers to create applications focused on content and friendship.
  • CYBER price is up 250% in the past seven days due to the massive interest from traders. 
  • The crypto market volatility has investors questioning if CYBER is another wrong market investment.

Description

CYBER takes over the market frenzy. In the ever-changing landscape of social networking platforms, change is the only constant. Case in point: the seismic shift caused by CYBER replacing Friend.Tech as the go-to social media platform for millions of users around the globe. Friend.Tech was once hailed as the “next big thing,” a harbinger of … Read more

CYBER takes over the market frenzy. In the ever-changing landscape of social networking platforms, change is the only constant. Case in point: the seismic shift caused by CYBER replacing Friend.Tech as the go-to social media platform for millions of users around the globe. Friend.Tech was once hailed as the “next big thing,” a harbinger of an evolved social media landscape. 

But in what seems like a blink of an eye, its position has been usurped by CYBER, which has taken the market by storm with its advanced features, user-centric algorithms, and privacy-first approach. Are investors wrong again, or is the volatile nature of the tech world to blame? We will soon find out.

The rise and collapse of Friend.Tech

Friend.Tech is a decentralized social network in which friends or, more accurately, their networks are translated into Shares or Keys. You can invest in your friend’s social network or any other group of people to tokenize their credibility. 

On August 11, Friend.Tech released an interesting beta version of Coinbase‘s layer-2 Base. A week later, on August 19, its fees surpassed $1 million in 24 hours, surpassing Uniswap and the Bitcoin network.

However, its prices have since fallen. According to DefiLlama, daily fees peaked at $1.7 million on August 21 before dropping to around $215,000 by the end of August 2023. The void left by its failure has been noticeable. CYBER has stood in place to serve the investors who want an expanded portfolio.

CYBER fills the market void left by Friend.Tech

CYBER, the token for the web3 social media network CyberConnect, is the newest glimmering bauble for crypto degens.

In the past week, the price of token has increased by 250% due to the astronomical demand from merchants. This is in stark contrast to the adverse sentiment prevalent on the cryptocurrency market during this time frame.

The protocol is a social media network that enables the creation of applications centered on content, friendship, and digital identity. The network has only been around for a few weeks, but recent activity levels have increased. The company’s white paper stated:

Developers can build innovative social applications where users own their identities and data, while creators can grow their audiences in a fairer, more direct, and decentralized environment.

CYBER

The platforms users also have access to CyberGraph, a network of smart contracts used to record content and social connections. CyberID is an ERC-721 token that represents accounts’ distinctive identifiers within the CyberConnect ecosystem.

How is CYBER’s market performance?

The network has experienced a surge in popularity, as evidenced by its robust trading volume and extraordinary increase in market capitalization, which is now $144 million. The volume of transactions has risen to $898 million.

CYBER replaces Friend.Tech – Are investors wrong yet again?CYBER replaces Friend.Tech – Are investors wrong yet again?

Coinglass data reveals that the trading volume for the token’s perpetual contracts increased by a staggering 299.9% in the last 24 hours, reaching an impressive $10.8 billion.

On Binance alone, trading volume reached an astounding $5.63 billion, solidifying its position as the second-most-active cryptocurrency exchange after Bitcoin. The current open interest on CYBER contracts is $265,3 million.

Recently, CYBER’s price has more than doubled due to high demand. According to CoinMarketCap, the token’s value is $13.44. Although this is lower than its all-time high of $15.79, it is considerably higher than its August 26 low of $3.54.

CYBER replaces Friend.Tech – Are investors wrong yet again?CYBER replaces Friend.Tech – Are investors wrong yet again?

As of press time, the token was trading for $7.33 after a decrease of 15.81% over the previous 24 hours.

The burning issue, meanwhile, is whether this remarkable performance can be sustained. Another Web3 social media platform, Friend.tech, encountered a similar frenzy. However, since its release on August 10, it has almost entirely disappeared.

Investors have been skeptical, questioning the strategic fit of the two companies. CYBER’s management has presented a compelling vision of synergistic potential, riven by complementary technologies and shared market focus. 

While investor skepticism is not entirely unwarranted, it may be premature. Given the volatile and unpredictable nature of the tech industry, dismissing the new market product as a misstep may be as speculative as championing its potential success. Only time will provide the data necessary to render a final verdict on whether investors are wrong yet again or if their reservations are well-founded.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:CYBER replaces Friend.Tech – Are investors wrong yet again?

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月3日 12:01
Next 2023年9月3日 13:18

Related articles

  • China urges dialogue with the U.S. – Details

    TL;DR Breakdown China’s Defense Minister, Li Shangfu, calls for dialogue with the U.S. at an Asian security summit. Li refused direct talks with his U.S. counterpart amid ongoing bilateral tensions. Tensions arise from South China Sea disputes, chip export restrictions, and Taiwan issues. While the specter of tension continues to hover between China and the United States, there’s a glimmer of hope for resolution as the former has expressed its preference for dialogue over confrontation. This affirmation emerged from the mouth of Li Shangfu, China’s Defense Minister, during Asia’s top security summit in Singapore. Li’s comments, as striking as they are, put a spotlight on the delicate balance of power that exists between these two superpowers. Stance of China’s Defense Minister at the Shangri-La Dialogue The Shangri-La Dialogue in Singapore, a meeting ground for high-level defense officials, was buzzing as Li presented China’s perspective on the dynamic and often challenging relationship with the United States. According to him, China and the United States, despite their distinct systems and contrasts in multiple aspects, can find common ground to foster bilateral ties…

    Article 2023年6月8日

  • China seizes opportunity amid US sanctions to challenge dollar

    Description The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make … Read more The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make a payment to the IMF in renminbi rather than dollars offers a glimpse into the changing undercurrents of global finance. It wasn’t an isolated incident either. Bangladesh, previously reliant on the dollar, turned to the renminbi to finalize payments for a nuclear power plant with Russia when the weight of US sanctions made traditional routes untenable. Such moves underline the growing exasperation of developing nations with…

    Article 2023年8月25日

  • Investors uncertain as central banks interest rates reach apex

    TL;DR Breakdown Both European Central Bank (ECB) and the US Federal Reserve hint at a possible end to the continual rise in interest rates, creating investor uncertainty. The steady decline in inflation across the US and the Eurozone signals a potential peak in interest rates. The Eurozone economy is weakening, while the US shows relative resilience despite uncertainties. Description It’s a tense time for investors as central banks’ interest rates appear to be plateauing. The European Central Bank (ECB) and the US Federal Reserve have recently cast doubt on the previously inexorable rise of interest rates, signaling a potential peak. Steadying the ship: No more ascending rates? There’s a change in the air at … Read more It’s a tense time for investors as central banks’ interest rates appear to be plateauing. The European Central Bank (ECB) and the US Federal Reserve have recently cast doubt on the previously inexorable rise of interest rates, signaling a potential peak. Steadying the ship: No more ascending rates? There’s a change in the air at the ECB. After a consistent upward trajectory in…

    Article 2023年7月29日

  • Bank of Japan board member sees inflation goal in sight, policy shifts loom

    TL;DR Breakdown According to board member Naoki Tamura, the BOJ’s inflation goal is “clearly in sight,”  Tamura says that the BOJ must maintain low rates and carefully analyze wage and price data before making policy adjustments. Description Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt … Read more Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt the bank to adopt more assertive measures in gradually reducing its unconventional stimulus efforts. Bank of Japan pledges to maintain interest rate low Approximately ten years have passed since the…

    Article 2023年8月30日

  • US stocks fall, treasury yields rise as Fed’s next move remains uncertain

    TL;DR Breakdown US stocks experienced a significant decline, with all three major indices ending the day with substantial losses. The decline was attributed to a sharp drop in chip stocks and mixed economic data, leading to decreased investor risk appetite. Treasury yields saw an increase ahead of the upcoming Federal Reserve policy meeting. Description US stocks experienced a significant decline, while Treasury yields saw an increase. This downturn was attributed to a sharp drop in chip stocks and mixed economic data, which decreased investor risk appetite. That marked a negative finish to a turbulent week. All three major US stock indices concluded the day with substantial losses, particularly impacting … Read more US stocks experienced a significant decline, while Treasury yields saw an increase. This downturn was attributed to a sharp drop in chip stocks and mixed economic data, which decreased investor risk appetite. That marked a negative finish to a turbulent week. All three major US stock indices concluded the day with substantial losses, particularly impacting the tech-heavy Nasdaq due to the performance of chipmakers. Mixed market performance as…

    Article 2023年9月16日
TOP