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Friend cools down 🔻 Pepe doubles down 🔼
Friend.tech revenues down 90% as hype fizzes out. Influencers upbeat despite Pepe rug pull accusations. DoorDash laps up AI ordering. Disney's 'Mickey and Friends' NFT collection coming soon.
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Friend cools down
Less than a month after its debut, the Web3 social application Friend.Tech is facing challenges. The app's activity has taken a sharp downturn, with a significant drop in transactions and protocol inflow.
Friend.Tech's dapp enables users to speculate on individuals and their personal brands.
Activity peaked at approximately 38,000 transactions in the past week.
Activity has now plummeted by 96%, with only 1,663 transactions recorded as of 5:00 am ET.
Protocol inflow has also fallen over 90%, declining from $1.9 million to $89,000.
Built on Optimistic rollup
The app is built on Coinbase-incubated optimistic rollup technology called Base.
Friend.Tech tokenises users' social profiles, granting access to gated chat rooms through "keys."
Holders of these keys can engage with influencers and creators.
Users purchase keys, with initial holders accessing chat rooms cheaply and subsequent keys becoming progressively more expensive.
The asymmetric communication flow allows users to directly message influencers, whose responses are broadcasted to all key holders.
Initial interest and trader behaviour
The app attracted traders and social media personalities, sparking interest in its potential.
Despite the initial buzz, data indicates that most traders have sold more shares than they've purchased.
This suggests a preference for liquidating positions rather than holding.
Friend.Tech initially generated substantial revenue, with $1.68 million in fees per day.
However, the on-chain data from DeFi Llama reveals a sharp decline in revenue to slightly over $161,000.
This corresponds to a drastic 99% reduction in daily revenue, from approximately $840,000 to just over $80,000.
Active buyers and sellers
The peak of active buyers, surpassing active sellers at 3,315 to 1,423 on August 21, has dwindled.
Current numbers show only 361 active buyers compared to 262 active sellers.
The USD volume of keys purchased has plummeted from an initial peak of $1 million to $38,000 per day.
The drop in activity raises concerns about the platform's sustainability and revenue-generating capabilities.
The app's potential for traders to gain insights within private chat rooms has both intrigued and sparked skepticism.
Pepe doubles down
In the world of cryptocurrencies, PepeCoin's fate has been under scrutiny as a recent incident involving a massive 16 trillion PEPE liquidation unfolded. Despite concerns from crypto commentators, there's a group of vocal advocates on Crypto Twitter who remain steadfast in their support for the meme coin.
Pro-Bitcoin influencer reaffirms confidence
Jason Williams, a notable pro-Bitcoin influencer and one of PepeCoin's enthusiastic cheerleaders, took to Twitter to express his unwavering dedication to the meme coin.
The liquidation saga: suspicion to explanation
The incident that rattled the PepeCoin community involved a substantial liquidation of $16 million worth of tokens. This sizeable sum was observed moving from one of the project's key wallets to crypto exchanges, subsequently leading to the tokens being sold. This chain of events sparked accusations of a "rug pull," a term describing a scam wherein developers vanish after artificially inflating a token's price.
In response, a pseudonymous founder of PepeCoin offered an explanation and apology, revealing that rogue team members were responsible for the liquidation. However, they assured the remaining 10 trillion PepeCoin in the wallet (worth $8.7 million) was secure and that the project would continue. After burning the leftover tokens and removing them from circulation, they declared "clear roads ahead."
Repercussions: price dip and community role
The incident triggered a 20% drop in PepeCoin's value over the course of a week, sparking skepticism and accusations of insider trading. Swan CEO Cory Klippsten added to the discourse, criticising those who identify as Bitcoin supporters while promoting PepeCoin.
Despite the turmoil, PepeCoin's market capitalisation plummeted from an all-time high of $1.5 billion to $371 million, positioning it as the 98th largest cryptocurrency by market cap.
Supporters' optimism and counterarguments
Optimism regarding PepeCoin's prospects was voiced by Twitter influencers Pauly and Alchemenest, who both echoed a belief in the coin's resilience and potential for recovery. Alchemenest went so far as to affirm, "I believe that we can bring the OG $pepe vibes back."
Mando, the pseudonymous co-founder of DegenzNFT, defended their support for PepeCoin by suggesting that the reduced presence of founders might empower the token's community, potentially leading to more stable dynamics.
Social sentiments and contrasting data
Negative sentiment surrounding PepeCoin has outweighed its positive portrayal on social media, according to data from the social analytics platform LunarCrush. Over the past week, bearish sentiments increased by over 250%, while bullish sentiments rose by 160%.
Steadfast liquidity and challenging perceptions
Contrary to perceptions of abandonment, a research note from Kaiko indicated that PepeCoin's liquidity demonstrated resilience despite the recent turmoil. Despite the 20% price dip, centralised exchanges boasted 300,000 more bids than asks within 0.5% of the mid price. This suggests that the project's potential abandonment might not be as dire as some have portrayed it.
Antonio Juliano, the founder of the decentralised exchange dYdX
“Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years. It’s not really worth the hassle/compromises.”
The founder of dYdX argued that early-stage crypto projects could scale faster by not serving U.S. customers, as they won’t have to deal with the hassles of the US regulatory climate.
But don’t give up yet. Brian Armstrong has a soothing reminder
The first-ever spot Bitcoin exchange-traded fund (ETF) launched on the European market👇🏻
TTD AI 🎈
DoorDash has announced the launch of an AI-powered voice ordering system aimed at boosting restaurant revenue and enhancing customer experience.
The technology combines AI conversational bots and live agents to ensure no customer calls go unanswered, while also offering personalised recommendations to increase order value.
DoorDash introduces an AI-driven voice ordering system for restaurants.
The system combines AI bots and live agents to capture all phone order opportunities.
Objectives include increasing sales, reducing in-store labor, improving customer experience, and simplifying merchant onboarding.
This follows Wendy's AI drive-thru chatbot pilot, showing an industry trend towards AI-assisted ordering.
DoorDash cites its report revealing 20% of customers prefer phone orders, but up to 50% of calls are unanswered during peak times.
Rajat Shroff, Head of Product and Design at DoorDash, emphasizes supporting restaurants through AI investments.
The solution aims to increase revenue without compromising hospitality, as AI manages orders while staff focus on in-store service.
TTD Goodbye 🏌️♂️
Ben Armstrong, famously associated with the well-known web3 YouTube channel Bitboy Crypto, has been severed from the brand, according to BJ Investment Holdings, the parent company of the Hit network.
The decision, announced on Monday, comes after a series of issues involving Armstrong.
The move is the result of ongoing efforts to aid Armstrong in his battle with substance abuse, as well as to address the emotional, physical, and financial toll he has imposed on Hit network employees and the Bitboy Crypto community.
Armstrong has a history of controversial actions, marked by his confrontational and vibrant demeanour.
In a recent incident, he allegedly harassed a lawyer engaged in legal action against him for promoting the now-bankrupt crypto exchange FTX. Notably, Armstrong skipped the court hearing to go on a cruise.
The crypto influencer had previously faced consequences for directing threats towards the lawyer and his firm's clients on Twitter, resulting in a ban.
During a court appearance in Miami, Judge Melissa Damian from the US District Court for the Southern District of Florida called attention to Armstrong's mispronunciation of the lawyer's name, Adam Moskowitz, asking him to correct it.
Armstrong attributed the mispronunciation to an unintended error and mentioned a similar mistake in pronouncing his own lawyer's name.
TTD Cryptoys 🐭
Cryptoys, a web3 startup that gained attention for its crypto collectibles based on Star Wars characters, is now set to release a new digital toy collection celebrating Disney's iconic character, Mickey Mouse.
The "Mickey and Friends" collection: Digital toys available at a price point of $39.99. Comprising 15 distinct pieces, the collection will offer various "skin designs" and levels of rarity, allowing collectors to own unique pieces within the series.
Expansion of Star Wars collection: Following the success of its Star Wars crypto collectibles, plan is to introduce the beloved character Yoda into the existing collection. Holders of the initial Star Wars collectibles will be rewarded with a digital Yoda plaything through an airdrop.
Marketplace and Data: Cryptoys' digital toy collections are built on the Flow blockchain. However, there is no publicly available on-chain data to assess the sales performance of these collections.
While the company has released series of collectibles, including Star Wars and Masters of the Universe characters, specific sales data has not been disclosed.
Trading and Marketplace: As of now, trading is not feasible due to the absence of an active marketplace. The company does not currently support a third-party marketplace, limiting the avenues for trading these digital collectibles.
Previous Disney NFTs and competition: Cryptoys is not the first entity to explore Disney-inspired digital collectibles. A company named VeVe Digital Collectibles previously introduced NFTs featuring Mickey Mouse.
TTD Surfer 🏄
Indian PM Modi calls for global cryptocurrency framework despite its own crypto ecosystem still lacking a clear regulatory framework and simpler taxation.
OnlyFans’ parent company Fenix International bought $20M of Ethereum as revenue surged, between 2021 and 2022.
LimeWire continues Web3 journey with ‘creator studio’ on Polygon,
allowing users to produce images or enhance existing ones via various AI models, new creator studio’s next use case is music creation
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