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.
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.
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.
