A web3 decentralized social network altcoin printed a new all-time high on Friday, defying ongoing troubles in the crypto market.
CyberConnect (CYBER) aims to enable developers to create social apps where users own their digital identity and data.
The initial value of the project, CYBER, rose to a new all-time high of $15.36 at one point Friday. The 179th-ranked crypto asset by market capitalization is trading at $14.68 at the time of writing, up from $3.59 a week ago, a staggering 308.9% increase. CYBER is up nearly 77% in the last 24 hours alone.
It’s not entirely clear what’s driving CYBER’s massive profits, although Binance, the largest global crypto exchange by volume, did roll out trading services for the asset earlier this month.
Binance too kicked off a “Simple Earn CYBER Quiz Promotion” earlier this week. The first 45,000 Binance customers to read an article about CYBER and complete a quiz with all correct answers will receive 0.25 CYBER in a 150-day locked product position.
Binance locked products provided rewards in exchange for assets that are committed to fixed installments with predetermined repayment dates. The promotion, which runs until September 12, is only available to customers who have never subscribed to Binance’s Simple Earn locked products before.
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Generated image: Midjourney