Popular Friend.Tech User Dumps Over 850 ETH, Moves to New Bitcoin City
Popular Friend.Tech user Vombatus_eth migrated over 850 ether (ETH), worth approximately $1.5 million, from the Ethereum-based social media app to the rival New Bitcoin City platform.
Vombatus, who was one of the biggest “key” holders on Friend.Tech, continues to hold 150 keys on the app. The keys provide access to exclusive chat groups and content.
Read more: Introducing Friend.Tech
Is Friend.Tech losing its shine?
The shift comes as newer crypto social platforms like New Bitcoin City quickly emerge as competitors to Friend.Tech. While Friend.Tech attracted millions in revenue and over 100,000 users shortly after its launch in August, opportunities on platforms like New Bitcoin City are stalling that initial growth.
Current Friend.Tech statistics according to Dune Analytics data:
- Total Volume Bought: $239,940,899
- Total unique subjects: 797,600
- Protocol Fees: 13,280.5 ETH
- Total Friend Value (Estimated): 83,449.6 ETH
- Total Transactions: 11,361,425
New Bitcoin City, built on Bitcoin, is gaining traction, thanks to Vombatus. The app launched its social features in September, targeting the social application market.
New standards like “Bitcoin Request for Comment” (BRC-20) have allowed developers to build decentralized apps and token economies on Bitcoin this year.
The migration also comes as bitcoin prices rally, jumping over the past week on speculation around a possible bitcoin ETF approval in the US.Â
Bitcoin surged by over 11% in the last 24 hours, according to the latest data from CoinMarketCap. The largest cryptocurrency is also up by 20% in the last seven days. Alongside BTC, the global crypto market cap is up by over 8% during this period.
