- Recently, blockchain-based social media platforms experienced a surge in popularity, but investors are now gravitating towards other emerging sectors such as AI and PolitFi.
- This shift has prompted renewed interest in altcoins that were popular last year, driven by new developments from key projects.
- An interesting example is FriendTech, which has captivated the market with recent strategic announcements.
Explore the latest developments in crypto social media networks and gain insights into the dynamics driving the resurgence of popular altcoins in our latest article.
Understanding Friendchain
FriendTech, a significant player within the Web3 community and a next-gen social media network, recently publicized a crucial partnership. Collaborating with Conduit, a prominent crypto infrastructure provider, FriendTech aims to construct its own blockchain network. This move aligns with the growing trend towards developing native networks, especially with the increasing interest in layer2 technologies. Projects such as DYDX and Chiliz have already successfully ventured into this space.
On June 8, FriendTech announced its collaboration with Conduit to establish its unique network, aptly named Friendchain. This announcement spurred a 15% increase in the token’s value. Yet, specific details like project timelines and comprehensive roadmaps remain under wraps.
Diving into the FRIEND Token
FriendTech made a significant splash in August 2023 when it debuted on the BASE network. The project quickly went viral, capitalizing on an identified need within the SocialFI sector. By integrating with Twitter accounts, it provided a platform where influencers could monetize their presence effortlessly. This initiative set a new benchmark for social media monetization, allowing prominent figures to advertise without incurring any costs.
Following the success of FriendTech, other competitors like Stars Arena on the Avalanche network emerged. At its peak, FriendTech facilitated approximately half a million transactions per day, as per Dune Analytics. However, recent data indicates a steep decline in transaction numbers, now dropping below 1,000 daily.
Key Takeaways for Investors
- Post-announcement of the partnership with Conduit, the FRIEND token surged by 15%.
- Despite broader market negativity, the token’s price has remained resilient, avoiding previous lows.
- Support levels at $1.25 and $1.33 indicate a potential move towards the $1.5 mark.
- The release of detailed roadmaps and network launch timelines could further bolster the token’s value.
The latest updates suggest a promising trajectory for FriendTech’s token. As the project unfolds its plans for a dedicated blockchain network, there is potential for significant value appreciation.
Conclusion
In conclusion, FriendTech’s recent partnership with Conduit marks a pivotal point for blockchain-based social media platforms. This move not only highlights the evolving dynamics within the crypto space but also underscores the potential for significant growth and innovation. For investors, staying informed about these developments and understanding the broader market trends can provide valuable insights for making informed investment decisions. As we continue to monitor this space, the crypto community awaits further details on FriendTech’s plans, which could play a crucial role in shaping the future of social media monetization and blockchain technology.
