Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

SocialFi tokens rally as crypto influencers bring back Friend.tech

Source Fxstreet

SocialFi tokens have seen a resurgence in prices on Monday as crypto traders revive the Friend.tech hype.
Friend.tech v2 launch is coming up after April 20, feeding the SocialFi narrative among market participants.
SocialFi tokens Theta Token, Cheelee and Galxe prices climb on Monday.

SocialFi tokens Theta Token (THETA), Cheelee (CHEEL), and Galxe (GAL) prices climbed on Monday as Friend.tech, a blockchain-based social network, is making a comeback as crypto experts and influencers discuss the platform across social media platforms like X.

SocialFi tokens see resurgence among market participants

Tokens related to Social Finance (SocialFi) projects gained value. SocialFi users create, control and own a social media platform by combining the tokenization of social influence with decentralization. SocialFi tokens offer rewards to content creators and consumers.

Among top SocialFi tokens, THETA, CHEEL and GAL have started climbing on Monday. These asset prices are up between 2% and 4%. THETA, CHEEL and GAL prices are up 3.65%, 3.08% and 2.52%, respectively. Other SocialFi tokens such as LimeWire (LMWR) and DreamMachineToken (DMT) are up 6.8% and 6.3% on the day, respectively.

The increase in these tokens’ price can be partially attributed to the rising popularity of Friend.tech, whose mentions on X have increased in the past day. Google Search trends data also shows a consistent increase in searches for the term “Friend.tech” since March 25. The protocol is set to launch V2 after 420, or April 20 in the US.

Interest

Interest over time in the term: Friend.tech

Crypto experts behind the X handle @CryptoLimbo_ and @WClementeIII discuss the resurgence of SocialFi and the Friend.tech hype in the sector. Experts believe the SocialFi narrative could garner as much traction as meme coins did earlier in the bull market.

Talks of Friendtech all over my feed again!

I told you multiple times that SocialFi hype will strike again.

Betting on $BBL too!
— Limbo (@CryptoLimbo_) April 8, 2024

Following the rally in meme coins in the past four weeks, capital is likely rotating to sectors like SocialFi amidst the Bitcoin price rally to $72,400 on Monday.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Weekly Market Outlook: U.S. October CPI Focus and Powell and Fed Officials Speak Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.

Author Mitrade

Nov 11, 2024

Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Silver price forecast: XAG/USD rises to near $61.40 as US yields retreat, NFP eyed Silver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.

Author FXStreet

Oct 02, Fri

Silver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.

WTI Price Forecast: Hangs near four-week low, around $89.00 as bears seem noncommittal West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.

Author FXStreet

20 hours ago

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.

Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.

Author FXStreet

3 hours ago

Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.

Popular Symbols