Tokens of popular Social Finance (SocialFi) project experienced significant price rallies on Monday, April 8, 2024, as renewed interest in Friend.tech, a notable project in the sector, began taking shape on social media. Theta (THETA), Cheele (CHEEL), and Galxe (GAL) recorded 24-hour growth of 6.17%, 3.75%, and 2.43%, respectively.
This price surge has been linked to the growing buzz surrounding Friend.tech, whose references in social media posts have grown significantly in the past 24 hours.
Launched in September 2023, Friend.tech initially garnered significant attention but saw its hype wane within two months. However, anticipation is building for its V2 launch scheduled for April 20 in the United States.
Pseudonymous cryptocurrency influencer and investor, @CryptoLimbo, highlighted the connection between the price spikes and Friend.tech in a post on their X handle. Limbo noted that they have been vocal about the resurgence of SocialFi hype.
Several other crypto enthusiasts have also noted this sudden spike and are actively promoting the tokens they believe will be the next big thing. Christey Christopher, a social media influencer, expressed optimism about the future of the SocialFi space while also predicting a potential 100x rally for $HENTAI.
SocialFi platforms are leveraging web3 technology to revolutionize social media by blending decentralization with the tokenization of social influence. These platforms reward users and content creators with tokens for driving attention and granting them creative freedom over their content and its value generation.
Over the past month, the crypto community has witnessed increasing hype for the tokens of these platforms. For instance, Bubble, Param, and Niburi have all trended on X.
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