Crypto degens have found their newest shiny toy, CYBER, the token for the web3 social media network CyberConnect.
CYBER price is up 250% in the past seven days due to the massive interest from traders. This sharply contrasts the current bearish sentiment prevalent in the crypto market during the period.
What is CyberConnect?
CyberConnect is a social media network that allows developers to create applications focused on content, friendship, and digital identity. The network has only been around for a few weeks and has seen increased activity recently. Its whitepaper said:
“Developers can build innovative social applications where users own their identities and data, while creators can grow their audiences in a fairer, more direct, and decentralized environment.”
Users of CyberConnect also have access to its CyberGraph, a smart contract network, to record content and social connections. There is also CyberID, an ERC-721 token that represents unique handles for accounts within the CyberConnect ecosystem.
Trading Frenzy Pushes Cyber Value up
The network has witnessed a surge in interest, reflected in its robust trading volume and a remarkable increase in its market capitalization, which now stands at $144 million. Trading activity has soared to $898 million.
CyberConnect Users. Source: Dune Analytics
Crypto journalist WuBlockchain brought attention to its price disparities across exchanges, citing instances where the token traded at $14.7 on one platform while concurrently priced at $9.3 on Binance. However, these disparities have somewhat diminished as the CyberConnect team released an emergency proposal to provide liquidity for cross-chain bridges.
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Data from Coinglass reveals that within the last 24 hours, trading volume for CYBER perpetual contracts surged to an impressive $10.8 billion, marking a staggering 299.9% increase.
CYBER Open Interest. Source: Coinglass
On Binance alone, trading volume reached an impressive $5.63 billion, securing its position as second only to BTC in terms of trading activity. The open interest on CYBER contracts currently stands at $265.3 million.
With all the interest, CYBER’s price has more than doubled recently. The token is worth $13.44, according to CoinMarketCap data. Although this is below its peak of $15.79, it is far above its low of $3.54 recorded on August 26.
CYBER Price Action. Source: CoinMarketCap
However, the token has seen a 16.51% decrease in the last 24 hours and was trading for $8.33 as of press time.
Meanwhile, the burning question is whether this remarkable performance can endure. Friend.tech, a fellow Web3 social media platform, experienced a frenzy akin to this. Yet, it’s virtually vanished just shy of a month since its August 10 launch.
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