Blockchain-based social media applications saw significant popularity last year, but the landscape has shifted as investors turn their focus to AI, PolitFi, and other emerging sectors. This shift has led to a resurgence in interest for last year’s popular altcoins, spurred by recent announcements from notable projects.
What is Friendchain?
FriendTech, a notable player in the Web3 space and next-generation social media networks, has announced a new partnership. The project has teamed up with crypto infrastructure provider Conduit to develop its own blockchain network. This trend of creating native networks has gained momentum, especially with the rising interest in layer2 solutions. Projects like DYDX and Chiliz have already made strides in this area.
On June 8, FriendTech revealed its collaboration with Conduit to establish its own network. This announcement triggered a 15% surge in the platform’s token value. However, detailed timelines and roadmaps for the new network, named Friendchain, remain undisclosed.
FRIEND Token
FriendTech, launched in August 2023 on the BASE network, quickly became a viral hit. The team identified a need in the SocialFI sector and created a structure integrating Twitter accounts, allowing influencers to monetize their presence on the platform. This innovation enabled prominent figures to advertise for free, setting a new trend in social media monetization.
Following FriendTech’s success, alternatives such as Stars Arena emerged on the Avalanche network. At its peak, FriendTech facilitated half a million transactions per day, according to Dune Analytics. However, transaction numbers have now plummeted to below 1,000 daily.
Key Insights for Investors
- The FRIEND token witnessed a 15% rise following the announcement with Conduit.
- The token price remains strong, moving away from lows despite broader market negativity.
- Support at $1.25 and $1.33 could see attempts at the $1.5 threshold.
- Details on the roadmap and network launch could further drive token value.
The recent developments indicate a positive outlook for FriendTech’s token, with potential for further growth as the project progresses with its plans for a dedicated blockchain network.