The price of the tokens has more than doubled on some exchanges in the past week in an otherwise little-changed market.
CyberConnect lets developers create applications related to digital identity, content and friendships on the blockchain. It also offers CyberGraph, a smart contract to record users’ content and social connections, and CyberID, an ERC-721 token that represents a unique handle for user accounts within the CyberConnect ecosystem.
Funding rates, which are periodic payments traders on perpetual futures markets pay to their counterparties, have soared to as much as an annualized 2,190% on Bybit and Bitget and as high as 1,500% on Binance. The rates are determined by the difference between spot and futures contract prices. When futures cost more than spot, traders with long positions pay a fee to traders with short positions. The positive funding rates for CYBER suggest speculators are bullish, and long traders are paying out.Most of the trades are taking place on Binance, data shows, with the exchange accounting for 74% of all CYBER volume.
Data shows transactional activity on the platform peaked at $16 million on Aug. 21 before slumping to just over $700,000 as of Thursday – a 95% drop. New users have stopped coming in, even as active usage remains the same over a weeklong period.
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