Crypto degens have found their newest shiny toy, CYBER, the token for the web3 social media network CyberConnect.

CYBER price is up 250% in the past seven days due to the massive interest from traders. This sharply contrasts the current bearish sentiment prevalent in the crypto market during the period.

CyberConnect is a social media network that allows developers to create applications focused on content, friendship, and digital identity. The network has only been around for a few weeks and has seen increased activity recently. Its whitepaper said:

“Developers can build innovative social applications where users own their identities and data, while creators can grow their audiences in a fairer, more direct, and decentralized environment.”

Users of CyberConnect also have access to its CyberGraph, a smart contract network, to record content and social connections. There is also CyberID, an ERC-721 token that represents unique handles for accounts within the CyberConnect ecosystem.

The network has witnessed a surge in interest, reflected in its robust trading volume and a remarkable increase in its market capitalization, which now stands at $144 million. Trading activity has soared to $898 million.

Crypto journalist WuBlockchain brought attention to its price disparities across exchanges, citing instances where the token traded at $14.7 on one platform while concurrently priced at $9.3 on Binance. However, these disparities have somewhat diminished as the CyberConnect team released an emergency proposal to provide liquidity for cross-chain bridges.

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Data from Coinglass reveals that within the last 24 hours, trading volume for CYBER perpetual contracts surged to an impressive $10.8 billion, marking a staggering 299.9% increase.

On Binance alone, trading volume reached an impressive $5.63 billion, securing its position as second only to BTC in terms of trading activity. The open interest on CYBER contracts currently stands at $265.3 million.

With all the interest, CYBER’s price has more than doubled recently. The token is worth $13.44, according to CoinMarketCap data. Although this is below its peak of $15.79, it is far above its low of $3.54 recorded on August 26.

However, the token has seen a 16.51% decrease in the last 24 hours and was trading for $8.33 as of press time.

Meanwhile, the burning question is whether this remarkable performance can endure. Friend.tech, a fellow Web3 social media platform, experienced a frenzy akin to this. Yet, it’s virtually vanished just shy of a month since its August 10 launch.

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The post Crypto Users Jump to New Social App CyberConnect (CYBER) as Friend.Tech Fades appeared first on BeInCrypto.

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