So, apparently, we’ve been living under a crypto rock for three weeks and didn’t catch the Friend.tech fever. But if you’re like us and didn’t get to jump into the social experience and purchase keys, then you didn’t miss much—besides the profits, anyway.
Plus, why would someone pay up to 1 ETH just to see a private chat? 😅
In other news, the Pepecoin ecosystem wasn’t as solid as we thought. Prices crashed last week after the devs tried to take profits.
Here are the main highlights from last week
- Friend.tech pronounced ‘dead’ after activity and fees tank
- PEPE Crashes After Team Moves Millions to Exchanges
- Binance limits withdrawals in Europe, cites payment processor issues
- PayPal's Stablecoin Off to Sluggish Start: Nansen
Friend.tech pronounced ‘dead’ after activity and fees tank
Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics following a recent drop in key metrics such as activity, inflows and volume.
Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap and the Bitcoin network.
PEPE Crashes After Team Moves Millions to Exchanges
The frog-themed crypto currency Pepe (PEPE) is seeing a significant price sell-off. PEPE is down 19% in the last week to $0.00000088. PEPE declines gained traction on Aug. 24, which further accelerated on Aug. 25 as concerns about changes to a multisig wallet and new token transfers surfaced. On-chain analytics firm IntoTheBlock gives a peek into what transpired on the network ahead of the massive price plunge that started on Aug. 24.
Binance limits withdrawals in Europe, cites payment processor issues
Just when it seems that Binance, embroiled in regulatory issues, takes a small step forward, it faces a setback from another jurisdiction, complicating its decentralized operations worldwide. According to recent reports, the exchange allegedly grapples with payment issues in Europe, leading to the suspension of euro deposits and withdrawals. However, Binance's spokesperson insists that the service operates as usual.
PayPal's Stablecoin Off to Sluggish Start: Nansen
Despite being backed by PayPal and listed on Coinbase, PayPal's stablecoin PYUSD has struggled to gain adoption in its first three weeks. With a total supply of 47 million tokens, the majority of which have never circulated, PYUSD is primarily held on centralized exchanges.