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- 1 Friend.tech, the social trading app broke all-time records and crossed 100,000 users quickly in a bear market.
- 2 The tradable token offering corresponding to the user’s profile over a social media platform made the platform viral in the crypto landscape.
Friend.tech, a hot topic in the crypto market again came into focus, surpassing 100,000 users. The beta version of the app was launched on August 10 and gained high volumes on the first day. The app is built over the Base and is ready to offer a market for friends, offering an outstanding trading experience.
The Social Trading App
The recent state of Friend.tech completely stirred the crypto marketplace, and the app reached its all-time high value in terms of users. Friend.tech crossed 100,000 users from the day of launch, breaking all-time records. An app creating tradable tokens corresponding to the users’ profile and granting access to a private chat room made the app more viral in the crypto landscape.
As per the recent report of Dune, the app surpassed 100,000 users in less than two weeks from the day of launch. “The app is showing true durability, not because of the token part, but the active participation of people in the chat” stated a well-known DeFi Dave. The app developed its unique and reputed image in the crypto market within a few days of launch, standing out from other trends in crypto including real-world assets (RWAs) and Liquid staking tokens (LSTs). Another factor that flourished the position of Friend.tech in the crypto market is its compatibility with meme coins. Memecoin, a social phenomenon, is trending in 2023 and is mainly focused on the respective app.
However, this is not the very first app to attempt to tokenize social media but gained more popularity. Earn.com and Bitclout are some experiences carried out in the past to offer the same and related services but failed to put an effectual impression on the crypto world. Earn.com was introduced by Balaji Srinivasan in 2018, offering a cold email service to upsurge trading experience. Bitclout on the other hand, struggled to gain traction.
Why is the App Trending?
From the day of launch, the app has been trending but the recent attention is due to its weekly airdrop campaign launched on August 18. The campaign proposed to offer airdropping reward points to app testers and to distribute 100 million points within 6 months. Without a doubt, the campaign attracted a large number of users. Impressively, the app makes up nearly 50% of all transactions offered on Base currently. “The interest of individuals in the application may fade once the airdrop is complete”, stated OKHotShot, a well-known on-chain analyst.
DeFi Dave thinks that private chat rooms are one of the main reasons behind the popularity of the app, and there is not much influence of the financial aspect on the app’s success. “Friend.tech in itself is not a trading app”, stated Defi Dave.
Conclusion
Friend.tech, a socialfi crypto app that is trending, crossed 100,000 users from the day of launch. The focus on meme coins and the availability of private chat rooms are considered to be the main reasons behind the app’s progress. Also, the airdrop campaign launch boosted the app’s value in the crypto marketplace.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
