Friend.tech Closes In On Ethereum With $1.7M In Daily Fees

In the rapidly evolving landscape of Web3 social media, a new star has emerged on the horizon: friend.tech. This invite-only app, operating on the Base Layer 2 network, has captured users' attention by offering a unique proposition – the ability to issue and trade shares of oneself on the platform.

Timeline of Ethereum

In a recent analysis, popular crypto market analyst Ali Martinez issued a cautionary note to cryptocurrency investors, highlighting the critical importance of Ethereum (ETH) maintaining its support within the $1,600 – $1,550 range.

In a mere fortnight since its emergence, the Friend Tech social platform has sent ripples across the сrypto space, reminiscent only of PEPE's April craze. Operating on Coinbase's Base, this innovative platform, integrating social interaction and monetization, has swiftly become the talk of the crypto town.

For many investors, ETH price is back to the drawing board, down 9.7% in a week to $1,664 on Tuesday. The leading smart contracts token tumbled from support at $1,800 last week amid a market-wide sell-off that saw Bitcoin price drop from its range support at $29,000, before seeking support at $25,000.

In a concerning turn of events, Ethereum (ETH), the cornerstone of the crypto market, is teetering on the edge of a scenario reminiscent of 2019, ringing alarm bells among the investor community. Diving deep into the charts, renowned crypto analyst Benjamin Cowen has surfaced with a noteworthy insight that raises concerns for the altcoin giant.

With the majority of the cryptocurrency sector trending sideways, Ethereum (ETH), as its second-largest asset, is no exception, currently changing hands around $1,660, but indicators suggest that its bottom is likely behind us, with a possible upside in the near future.

Ethereum's founder Vitalik Buterin has transferred 600 ETH, worth $1 million, to Coinbase, as reported by Etherscan. This move has quickly caught the crypto community's attention and sparked speculation that it would trigger a pullback in Ethereum's price.

After weeks of consolidation below a significant resistance level, Ethereum's price has finally demonstrated a large move to the downside. While there are still many support levels available, things are not looking good for ETH.

The self-proclaimed “Dogecoin (CRYPTO: DOGE) killer,” Shiba Inu (CRYPTO: SHIB), experienced an 850% surge in its burn rate within the span of just 24 hours. What Happened: Data obtained from Shibburn reveals that over 1 billion SHIB tokens were permanently removed from circulation during this period.

Elon Musks recent acquisition, the platform formerly known as Twitter, now named X, has been under the lens of Ethereums co-founder, Vitalik Buterin. In a fresh analysis posted on August 16, Buterin delved deep into Xs Community Notes tool, likening it to cryptographic principles found in todays digital age.

The U.S. Securities and Exchange Commission (SEC) is expected to give a concurrent nod to several applications for Ether futures exchange-traded funds (ETFs), according to recent reports by the Wall Street Journal. These reports draw from insiders familiar with ongoing developments.