According to CoinDesk, the CYBER token of CyberConnect, a Web3 social network, has experienced significant growth in recent weeks, with its market cap reaching $113 million. The token's value has more than doubled in the past week, and trading volumes have surged, with $225 million worth of tokens exchanged in the past 24 hours. Traders are paying as much as 2,000% annualized in fees to buy the tokens on margin, indicating a high demand for the cryptocurrency. However, there is a risk that CyberConnect could become the latest crypto fad, as similar projects have seen their revenues drop significantly after initial popularity. CyberConnect allows developers to create blockchain-based applications related to digital identity, content, and friendships, and offers CyberGraph, a smart contract for recording user content and social connections, and CyberID, an ERC-721 token representing unique user account handles within the ecosystem. Most of the CYBER token trades are taking place on Binance, which accounts for 74% of all volume, followed by the Korean exchange UpBit, which traded $70 million worth of tokens. The high positive funding rates for CYBER suggest that speculators are bullish, with long traders paying out fees to short traders.