Home » Journal » CYBER Token Claims Top Spot on CoinMarketCap After Binance Debut – But Will the Hype Last?

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CYBER Token Claims Top Spot on CoinMarketCap After Binance Debut – But Will the Hype Last?

Rene Peters

August 15, 2023

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The CyberConnect (CYBER) token went live on the Binance cryptocurrency exchange on August 15th at 12pm UTC. Binance announced it would list 3 million CYBER tokens, representing 3% of the total token supply, through its Launchpool platform.

The listing marks a major milestone for the CyberConnect project. Founded in 2021, CyberConnect aims to build a decentralized social networking protocol on the blockchain. The platform lets users manage digital assets like profiles, content, and connections via blockchain technology.

CYBER also debuted on the popular crypto data site CoinMarketCap. There it claimed the top trending spot based on web traffic and social media mentions.

The Binance effect was immediately evident. CYBER’s price spiked from $3 to over $5 following the announcements, a nearly 80% gain.

New asset listings on Binance frequently produce short-term price pops. Increased accessibility and visibility tend to drive immediate trading interest. However, prices often correct in the subsequent days and weeks.

Nonetheless, the Binance and CoinMarketCap listings represent a leveling up for CyberConnect. The project can now tap into Binance’s liquidity and reach a wider audience of investors.

What is CYBER Token Exactly?

CyberConnect is a notable token in the web3 social networking space. It allows developers to make social apps where users control their digital identity, content, and interactions.

CyberConnect aims to enhance web3 social dApps, giving users a familiar experience. The platform stands on three main components:

• CyberAccount: This multi-chain account system, compatible with ERC-4337, simplifies user onboarding.
• CyberGraph: This smart contract stores user content and connections and has tools for monetization.
• CyberNetwork: This efficient L2 network aims to expand web3 social reach.

Supported by names like Binance Lab and Multicoin, CyberConnect has raised over $25 million in funding rounds and an additional $5.4 million from a public sale on Coinlist.

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