TL;DR
- Strong resurgence in activity and adoption of Friend Tech following the release of version 2 on May 3.
- More than 79,500 users have created 137,157 clubs on the platform since the update.
- The majority of trading volume is driven by sell orders, with over 97% of the total volume coming from these orders.
Following the launch of Friend Tech’s version 2, the platform is experiencing a strong resurgence in activity and adoption, according to recent data. Since the debut of the update on May 3, there has been a steady and growing increase in the number of users and club creation on the platform.
According to data provided by Dune Analytics, more than 79,500 users have created a total of 137,157 clubs since the launch of the feature integrated into Friend Tech’s version 2. The increase in activity has been accompanied by a rise in trading volume, with over 18.4 million FRIEND tokens exchanged by nearly 103,500 traders.
However, the majority of trading volume has been driven by sell orders. In fact, over 97% of the total trading volume comes from these sell orders. In other words, many users are opting to sell their tokens after receiving an allocation in the airdrop.
Friend Tech Nearly Triples Token Value
The airdrop conducted by Friend Tech was part of the release of its version 2 and unfortunately was not without criticism and technical issues. Many users reported difficulties in claiming their tokens, adding to the pressure on token prices on launch day.
However, despite these initial setbacks, the price of FRIEND has experienced a significant rebound since its lowest point on May 3. At that time, the coin dropped to $0.89, but since then has nearly tripled in value, reaching $2.56 according to CoinGecko data.
Navigating a variety of challenges, Friend Tech is striving to resurge. The release of its version 2 indicates renewed interest in the platform. However, the high proportion of sell orders suggests that investors may be taking advantage of the price increase to secure profits.
