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 Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility high West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.

Author FXStreet

12 hours ago

West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.

Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000 Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.

Author FXStreet

14 hours ago

Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.

Australian Dollar holds losses ahead of RBA policy decision AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.

Author FXStreet

21 hours ago

AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.

Bitcoin Price Forecast: BTC hits three-month high on derivatives-led surge Bitcoin (BTC) price surges above $80,000 on Monday, reaching the highest level since the end of January. Institutional demand supports this price surge, as spot Exchange Traded Funds (ETFs) recorded inflows of over $153 million last week, marking the fifth consecutive week of positive flows.

Author FXStreet

Yesterday 10: 32

Bitcoin (BTC) price surges above $80,000 on Monday, reaching the highest level since the end of January. Institutional demand supports this price surge, as spot Exchange Traded Funds (ETFs) recorded inflows of over $153 million last week, marking the fifth consecutive week of positive flows.

Trump says US to help ships stranded in Strait of Hormuz as tanker hit by projectiles US to start operation to aid stranded ships, Trump saysTanker reported to have been hit by projectile in Strait of HormuzIran wants end to US blockade; nuclear talks postponedTrump has made Iran nuclear deal a priorityBy Parisa Hafezi and Jacob Bogage DUBAI/DORAL, Florida, May 4 (Reuters) - A tan...

Author Reuters

Yesterday 01: 33

US to start operation to aid stranded ships, Trump saysTanker reported to have been hit by projectile in Strait of HormuzIran wants end to US blockade; nuclear talks postponedTrump has made Iran nuclear deal a priorityBy Parisa Hafezi and Jacob Bogage DUBAI/DORAL, Florida, May 4 (Reuters) - A tan...

Popular Symbols