Bubble bursts for Friend.tech as key metrics tumble by over 90%

After a blistering start to life that saw it generate much hype and interest from the cryptocurrency community, top metrics of the decentralized social media platform Friend.tech have significantly dropped within the past week.

Trading volume is down 94%

CryptoSlate, using Dune Analytics data compiled by TK Research, saw that trading volume on the platform declined to $1.6 million on Aug. 27, representing a 95% decline from its $16.87 million peak recorded on Aug. 21. Additionally, the number of transactions on the platform has also fallen by more than 90%, to 51,000 by Aug. 27 during the same period.