As anticipated by various crypto industry analysts, the once-prominent social media dApp Friend.Tech is now experiencing a significant decline in network activity. The platform’s surge in popularity, which garnered attention from crypto enthusiasts, has subsided just as swiftly as it emerged, signifying the end of the recent crypto frenzy.
The social media tokenization dApp, known as “SocialFi” or “DeSo,” initially gained attention for its unique concept of allowing users to buy and sell shares of specific Twitter accounts and social media profiles. However, the platform’s network activity has dwindled noticeably in recent days.
The decrease in both buyers and sellers utilizing the platform has led to a substantial slump in the sales of social media profiles. According to data from Dune Analytics, the daily trading volume on Friend.Tech has plummeted by a staggering 94% from its peak of $16.9 million on August 21. By August 27, this figure had dwindled to a mere $953,000.
Furthermore, the number of daily traders engaging with the platform has also witnessed a significant decline. The count has plunged by 83% from its highest point of 35,000 traders during its peak period to just 6,000 on August 17.
This decline in activity marks the end of the platform’s brief spell of attention and excitement within the crypto community, highlighting the transient nature of such crypto-driven hype cycles. As Friend.Tech’s network activity fades, it underlines the importance of sustainable and substantial value propositions in the highly competitive and dynamic cryptocurrency landscape.