Users Friend.tech switched to CyberConnect (CYBER)
Date: 2023-09-03 Author: Karina Ziganova Categories: BLOCKCHAIN
Over the past week, the price of the native CyberConnect CYBER token has skyrocketed by 250% due to huge interest from traders.
This is in stark contrast to the bearish sentiment that prevails in the cryptocurrency market at the moment.
What is Cyber Connect
CyberConnect is a decentralized social graph protocol built on the BNB Smart Chain. Its intention is to help create and manage social connections between users and projects on various platforms.
CyberConnect users also have access to the CyberGraph smart contract network for content registration and social connections. The ERC-721 CyberID token is a unique descriptor for accounts in the CyberConnect ecosystem.
CYBER price soared by 250%
The surge of interest in the CyberConnect project was reflected in high trading volume and a noticeable increase in market capitalization.
Crypto journalist Colin Wu drew attention to the discrepancy in prices for the token on different exchanges: CYBER traded at $14.7 on the South Korean platform Upbit and at $9.3 on Binance. However, this difference has narrowed significantly since the CyberConnect team issued an emergency liquidity offer for cross-chain bridges.
Data from analytics platform Coinglass shows that CYBER perpetual contract trading volume has surged 300% over the past 24 hours to an impressive $10.8 billion. Open interest on futures for the asset currently stands at $265.3 million.
Thanks to such interest, the price of CYBER more than doubled - according to CoinMarketCap, on September 1, the asset reached $15.90. At the time of writing, the price of the token has significantly corrected.
Despite the excitement around the project, analysts are wondering if CyberConnect will be able to maintain the achieved result, citing the similarity of the platform to Friend.tech, the interest in which is rapidly fading.
