After a blistering begin to life that noticed it generate a lot hype and curiosity from the cryptocurrency neighborhood, prime metrics of the decentralized social media platform Good friend.tech have considerably dropped inside the previous week.
Buying and selling quantity is down 94%
CryptoSlate, utilizing Dune Analytics information compiled by TK Analysis, noticed that buying and selling quantity on the platform declined to $1.6 million on Aug. 27, representing a 95% decline from its $16.87 million peak recorded on Aug. 21. Moreover, the variety of transactions on the platform has additionally fallen by greater than 90%, to 51,000 by Aug. 27 throughout the identical interval.
The fallen transaction quantity has additionally considerably impacted the appliance’s income on the community. CryptoSlate beforehand reported that Good friend.tech was one of many crypto business’s prime 5 payment turbines, raking in as a lot as $843,761 on Aug. 21. Nonetheless, that determine has dropped to $80,558 as of press time, in line with DeFillama information.
Ghost of BitClout?
The current challenges confronted by Good friend.tech have resurfaced recollections of BitClout, a blockchain-based social media platform that skilled a surge in reputation however in the end struggled to keep up its momentum.
Notably, Alex Valaitis, a former BitClout worker, mentioned the hype surrounding Good friend.tech was unsustainable as a consequence of its perceived lack of innovation and what he claimed was a heavy reliance on Bitclout’s idea, suggesting that 90% of its concepts have been borrowed from Bitclout.
Valaitis elaborated on a number of causes he believed would contribute to Good friend. tech’s eventual downfall, sharing these insights throughout the top of the decentralized social media utility development.
Brief-lived crypto initiatives
Good friend. tech’s current decline underscores the fleeting nature of many trending crypto initiatives in current months. A number of of those initiatives have skilled weeks, generally even months, within the limelight throughout the 12 months earlier than in the end crashing with out indicators of revival.
One notable instance is BALD, a memecoin constructed on the Base platform, which astonishingly noticed its market capitalization surge to over $80 million inside a mere 24-hour interval. Sadly, this meteoric rise was abruptly halted when the developer executed a rug pull, inflicting the challenge’s momentum to evaporate.
Related narratives have unfolded with initiatives like PEPE, MiLady, and a number of other others, the place they loved temporary spells of success however in the end failed to determine the long-term sustainability vital for survival within the crypto house.
The put up Bubble bursts for Good friend.tech as key metrics tumble by over 90% appeared first on CryptoSlate.