Web3 Social Network Altcoin Skyrockets by More Than 308% This Week, Defying Sideways Crypto Market

A web3 decentralized social network altcoin printed a new all-time high on Friday, defying the ongoing crypto market doldrums.

CyberConnect (CYBER) aims to enable developers to create social apps where users own their digital identities and data.

The project’s native asset, CYBER, ripped to a new all-time high of $15.36 at one point on Friday. The 179th-ranked crypto asset by market cap is trading at $14.68 at time of writing, up from $3.59 one week ago, a staggering 308.9% increase. CYBER is also up nearly 77% in the past 24 hours alone.

It is not entirely clear what is driving CYBER’s massive gains, though Binance, the top global crypto exchange by volume, did roll out trading services for the asset earlier this month.

Binance also kicked off a “Simple Earn CYBER Quiz Promotion” earlier this week. The first 45,000 Binance customers who read an article on CYBER and complete a quiz with all the correct answers will receive 0.25 CYBER in a 150-day locked products position.

Binance locked products provide rewards in exchange for assets being committed for fixed terms with predetermined redemption dates. The promotion, which runs until September 12th, is only available to customers who’ve never subscribed to Binance’s Simple Earn locked products before.

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