CyberConnect’s CYBER Token Rallies Over 50% After Investment from This Major Exchange – Report
The native token of decentralized social network CyberConnect saw major gains this week after receiving an investment from Binance Labs.
CyberConnect’s CYBER token price jumped over 30% to $6.81 following the Binance announcement, per CoinMarketCap data. The cryptocurrency has rallied 58% over the last 7 days.
Source: CoinStats – Start using it today
In a blog post, Binance Labs revealed it made a follow-on investment in CyberConnect as part of the platform’s latest funding round.
“We see SocialFi’s potential in propelling web3 into the mainstream,” Binance Labs wrote. The venture arm of cryptocurrency exchange Binance manages over $1 billion in assets.
CyberConnect aims to enable decentralized social networking applications where users control their own identities, content, connections, and interactions.
The project falls under the umbrella of SocialFi, which refers to social media and social networking applications built on blockchain technology and web3 infrastructure.
As CyberConnect garners more attention, some crypto traders believe the rally has room to run. “CYBER pump started. If you didn’t buy it when I called it, you deserve a hit from me,” wrote crypto influencer Crypto Elum on Twitter following the price surge.
With Binance’s backing, CyberConnect appears positioned to capitalize on growing interest in web3-based alternatives to traditional social media networks.
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