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

WTI (USOIL) Is down 2.13% on Sep 22: What Is Driving the Move?WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Author TradingKey

12 hours ago

WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Bitcoin Price Prediction: BTC Soars Past $87,000, Will It Continue to Rise This Year?Bitcoin Surges to Briefly Break $87,000; Where Is the Next Key Resistance Level?On September 22, Bitcoin (BTC) strongly broke through the past month's resistance level of $82,000, surging

Author TradingKey

14 hours ago

Bitcoin Surges to Briefly Break $87,000; Where Is the Next Key Resistance Level?On September 22, Bitcoin (BTC) strongly broke through the past month's resistance level of $82,000, surging

Bitcoin holds above $86,000 as four of five majors hit 3-month highs — why XRP is the odd one out Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Author Suzie

15 hours ago

Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

16 hours ago

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

21 hours ago

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Popular Symbols