Friend.Tech: A Rapid Decline in Trading Volume and User Participation
Just days ago, Friend.Tech was dominating the cryptocurrency media scene. However, the latest data tells a different story. Daily trading volume has plummeted 94% from its peak, now standing at a mere $953,000. User participation has also dropped drastically, with daily traders decreasing by 83% and trading fees falling from $1.7 million to $95,000.
Main Breakdowns:
- Trading volume has decreased by 94%, now at $953,000.
- Daily traders have decreased by 83%.
- Trading fees have fallen from $1.7 million to $95,000.
- Critics attribute the decline to decreases in platform activity, capital influxes, and trading volumes.
- Transaction activities have also experienced a drastic fall, from 525,000 to just above 51,000.
Critics have labeled Friend.Tech as “obsolete” due to its declining platform activity and trading volumes. Despite an impressive start, surpassing heavyweights like Uniswap and Bitcoin, the platform’s success was short-lived. Daily fees decreased by 87% within a week, standing around $215,000. Transaction activities have also seen a significant decline.
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