The SocialFi sector is expanding its roots in crypto as crypto enthusiasts focus on new SocialFi applications.
Social Finance (SocialFi) is an innovation that improved the vision of a decentralized financial system in the era of social media. Crypto users are expecting big new things in the SocialFi sector amid the recent Friend.tech airdrop.
Crypto Enthusiasts Waiting For The Next Big Thing In SocialFi
The recent Friend.tech airdrop on May 3 resulted in Whales selling over 55,000 of the newly issued Friend tokens (FRIEND). Friend.tech is a blockchain-based social media platform offering token-gated chats.
According to CoinGecko data, on May 3, FRIEND token price dropped from $3.03 to $0.89. The token was trading at $1.96 at press time, after a 9.6% drop intraday.
FRIEND price chart I Source: CoinGecko
The sudden price drop grasped the attention of crypto enthusiasts towards the SocialFi sector, expecting new big things.
According to the K33 Research report,
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