Crypto currency enthusiasts are experiencing moments of joy as the week starts with a surge in Bitcoin. While BTC trades above $72,000, we also see rises in some other cryptocurrencies. The leader of Altcoins, Ethereum, has surpassed $3,600, while Solana has exceeded $180. There are also increases in the value of cryptocurrencies in the SocialFi space.
Price Increases for Theta, Cheelee, and Galxe
On Monday, with the Blockchain-based social network Friend.tech’s crypto experts and influencers discussing the platform across various social media platforms, SocialFi tokens Theta Token (THETA), Cheelee (CHEEL), and Galxe (GAL) saw a price increase.
SocialFi projects combine the tokenization of social impact with decentralization to create and control a social media platform. These tokens also offer rewards to content creators and consumers.
THETA, CHEEL, and GAL, some of the top SocialFi tokens, recorded an increase between 2% and 4% today. THETA gained 3.65%, CHEEL 3.08%, and GAL 2.52% in value. On the other hand, other SocialFi tokens like LimeWire (LMWR) and DreamMachineToken (DMT) also experienced increases of 6.8% and 6.3%, respectively, during the day.
What’s Driving the Increases?
Some of these increases can be attributed to the growing popularity of Friend.tech. Google Search trends data shows a steady increase in searches for “Friend.tech” since March 25. Additionally, it is indicated that V2 will be launched after Protocol 420, with April 20th being the chosen date for this event.
Crypto experts @CryptoLimbo_ and @WClementeIII are discussing the resurgence of SocialFi and the significant impact of Friend.tech in the sector. The experts believe that the SocialFi narrative could attract as much interest as meme coins did at the start of the bull market.
Following the recent surge in meme coins over the last four weeks, with Bitcoin‘s price today rising to $72,400, it seems likely that capital will flow into sectors like SocialFi. With these developments, increased interest and engagement in the crypto market are anticipated.
Last year, as you may recall, the crypto world was abuzz with the launch of Friend.tech, which conducted over 30,000 transactions in just 24 hours after its release on August 10. At that time, the crypto community showed great interest in Friend.tech’s weekly airdrops. The same level of activity from that period could potentially be revived.
