Friend’s price has surged by 200% since hitting its low on May 3rd.
Friend Tech is experiencing increased activity and adoption following a controversial airdrop last week.
Data from Dune Analytics reveals that over 79,500 users have created 137,157 clubs since the feature was introduced alongside Friend Tech’s v2 iteration on May 3rd. The introduction of club keys has generated a trading volume of 18.4 million FRIEND ($37.9 million) from nearly 103,500 traders.
In comparison, on April 28th, only 1,175 traders were responsible for $155,000 worth of key trades. Following the airdrop, key volume surged to its highest level in six months, with Friend Tech facilitating $4.98 million worth of key trades on May 6th, down from $11.6 million on May 3rd.
“Over 100,000 clubs have been created since Friday,” tweeted Friend Tech. “At this rate, there will be more clubs than there exist pigeons on Earth by the end of the year.”
However, over 97% of trade volume since the airdrop has been accounted for by sell orders, indicating that many users are selling off their keys after receiving a token allocation.
Friend Tech’s much-anticipated airdrop faced backlash from the project’s community, with many users experiencing errors preventing them from claiming their tokens, while the price steadily declined on launch day.
Nevertheless, the token’s price has tripled from its low, currently trading at $2.67 after dropping to $0.89 on May 3rd, according to CoinGecko. FRIEND currently ranks as the 262nd largest cryptocurrency by market cap at $247 million.
Friend Tech sparked a boom in web3 socialfi upon its launch in August 2023, with daily key trading volume peaking above $20 million the following month. Daily active users also reached an all-time high in October at 74,000, with approximately 833,000 unique users interacting with the protocol as November began.
However, Friend Tech’s rapid growth slowed down quickly, with only around 78,000 users onboarded in the six months since.
