Friend Tech Fever

A Social Sensation or a Flash in the Pan?

Goat News
3 min readAug 21, 2023

📰 Goat News #92 🐐

GM, crypto fam

Rise and grind!

The crypto world is buzzing, and it’s a dance you don’t want to miss:

  • From the sizzling Friend Tech’s meteoric rise to the cheapest Bitcoin mining hub, it’s a fiesta of finance and fun.
  • Ready to waltz into the wild world of crypto? It’s GOat time
  • Friend Tech’s Social Tokenization: A Star or a Shooting Star?
  • Mining Bitcoin in Lebanon: An Unlikely Goldmine?
  • A Leverage Lesson: The Price of Playing with Fire

Friend Tech Fever: A Social Sensation or a Flash in the Pan?

The recent crypto sensation is Friend Tech, a social tokenization protocol that’s taken the crypto world by storm. In just over two weeks, it’s become the second-largest revenue maker among crypto protocols, raking in an incredible $1.04 million in fees. But what’s behind this meteoric rise?

Friend Tech’s appeal lies in its unique ability to allow personalities to issue shares on its app to access closed group chats. It’s like the VIP lounge of social networking with a crypto twist. The app, built on Coinbase’s new layer-2 network, has quickly become a popular platform for crypto personalities and celebrities, but is it sustainable?

The weekend launch of the social token platform has spurred a surge in share prices for users, including notable names like esports community Faze Clan co-founder Richard Faze Banks Bengtson II and NBA player Grayson Allen. This platform enables creators to launch their cryptocurrencies, a novel way to reward fans and supporters, and it’s causing quite a stir. But where’s this all happening?

Mostly online, across various social media platforms, and within the Friend Tech app. It’s a virtual gold rush, where everyone’s clamoring for a piece of the action. The timeline of this phenomenon is breathtakingly fast. Within a few weeks, Friend Tech has gone from launch to becoming a major player in the crypto space. The app’s revenue, especially the $709,000 worth of ether in a single day, is a testament to its rapid success.

However, the mechanics of Friend Tech’s share-selling approach raise some eyebrows. As shares are sold, their prices increase significantly, potentially leading to smaller groups or even alt-group creation. A recent report highlighting that 4 out of 10 NFT sales are fake adds a layer of caution. The scale and impact of Friend Tech are undeniable, but the question of sustainability lingers.

With shares increasing in price with each sale, could this discourage potential buyers? Are the underlying risks fully understood? Friend Tech is a bold and colorful thread in the grand tapestry of crypto innovations. It’s a reminder of the endless possibilities and the equally present risks. As with any bright star, the question remains: Will Friend Tech continue to shine, or will it be a flash in the pan?

Only time, and the ever-watchful eye of the crypto community, will reveal the full story.

Friend tech volume
Friend tech hype


  • Mining $BTC in Lebanon: Only $266 per Bitcoin? Lebanon’s got the goldmine, making it the cheapest spot to mine Bitcoin. Now, that’s a bargain!
  • Andrew Kang’s Leverage Lesson: 14 liquidations in one day, losing ~$432K? Big L, indeed. Sometimes, less is more, especially with 100x leverage.
  • Digital Asset Investment Blues: $55m outflows last week and a 10% decline in AuM to $32.3 billion. Looks like the SEC ETF decisions are leaving a sour taste.


Reflecting on today’s whirlwind of events, I believe in the power of innovation and the thrill of risk.

Yet, wisdom lies in discerning the difference between a golden opportunity and a fool’s gold. As Goat’s grandad insightful once said, “Fortune favors the brave, but not the reckless.”

For more crypto wisdom and insights, follow me on Twitter/X @goatdailynews.

Cheers! Goat out ✌️