Friend.Tech Keyholder Dumps 850 ETH for New Bitcoin City

A well-known Friend.Tech user dumped 850 ETH of keys on Monday night before switching to New Bitcoin City, a similar Bitcoin-based social app.

Wallet data indicates that X user @Vombatus_eth, who goes by the same name on Friend.Tech, made approximately $1.5 million after selling 176 keys.

Vombatus, one of the platform’s largest key holders, continues to hold 150 keys.

Shortly after its August launch, Friend.Tech was one of the fastest-growing crypto platforms, allowing X (formerly Twitter) personalities to issue ‘keys’ to access a closed group chat via its app.

Less than three weeks after going live, it generated millions in revenue from more than 100,000 users, inspiring clones on other networks.

Friend.Tech has been halted by recent opportunities. The initial growth wave and applications in technology, such as New Bitcoin City, are rapidly becoming one of the most significant bets.

Users like Vombatus are attracting their followers to the platform, allowing it to surpass $3 million in locked value on Monday.

New Bitcoin City, which went live in early August as a Bitcoin-based gaming and arcade platform, released its social application targeting the social application market in late September.

Programmer @punk3700 Previously, New Bitcoin City said that bitcoin’s use in DeFi applications has been limited to tokenized representations of bitcoin on other chains, such as Ethereum or Solana, but that a gap remained for wealthy bitcoin holders to utilize their assets on interactive applications.

Earlier this year, introducing “Bitcoin Request for Comment” (BRC-20) standards enabled developers to issue tokens and create DeFi applications on Bitcoin.

The appeal of New Bitcoin City comes at a time when bitcoin prices are on an uptrend, having risen approximately 20% in the past week in the hopes of potential spot bitcoin exchange-traded fund (ETF) approval in the U.S., which traders say could drive demand for the asset.