- Since its low on May 3, FRIEND’s price has increased by 200%.
- After its contentious airdrop last week, Friend Tech is seeing a rise in usage and engagement.
Since the feature launched on May 3 along with Friend Tech’s v2 iteration, over 79,500 people have created 137,157 clubs, according to data from Dune Analytics. Club keys have already inspired nearly 103,500 traders to generate 18.4 million FRIEND in volume ($37.9 million).
By contrast, on April 28, 1,175 traders pushed only $155,000 worth of significant trades. Following the airdrop, key volume also increased to its greatest point in six months, with Friend Tech hosting $4.98 million worth of key trades on May 6 as opposed to $11.6 million on May 3.
Friend Tech tweeted that since Friday, over 100,000 clubs had been founded. By the end of the year, there will be more clubs than pigeons on Earth if things continue this way.
Since the airdrop, sell orders have made up more than 97% of trade volume, indicating that many users are dumping their keys after being allotted tokens.
The long-awaited airdrop by Friend Tech was met with resistance from the project’s supporters; many users were unable to claim due to faults, and on launch day, the price dropped significantly.
On May 3, the token’s price dropped to $0.89, but it has since tripled, according to CoinGecko, trading hands for $2.67. At $247 million, FRIEND’s market capitalization places it as the 262nd largest cryptocurrency as of right now.
When Friend Tech opened in August 2023, it set off a web3 socialfi boom, with daily key trading volume reaching a peak of over $20 million the following month. In October, the number of daily active users reached an all-time high of 74,000. As of the start of November, about 833,000 unique users had engaged with the protocol.
But in the six months that followed, Friend Tech’s meteoric rise abruptly stopped, with just over 78,000 new members joining the platform.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
