Friend.tech activity plunges, crypto community calls it ‘dead’
The decentralized social media platform, Friend.tech, has witnessed sharp transaction volume and fee income declines over the past week. According to data provided by the analytics platform Dune, Friend.tech’s transaction volume dropped to $883,000 on Aug. 27. It is a 95% decline from Aug. 21, when it reached an all-time high (ATH) of $16.88 million. Moreover, over the past 24 hours, the platform’s trading volume registered a 99.99% decline as the transaction volume currently sits at $2,760 with only 35 traders. You might also like: FTX reports security breach involving bankruptcy agent Kroll According to Dune’s data, the fees generated on Friend.tech has also seen a deep dive over the past week. Per the analytics platform, the decentralized social media app generated only $275 in fees over the past 24 hours. This shows a 100% decline since Aug. 21, when the generated fees reached an ATH of $1.7 million. In addition to that, the number of new users on th...