Friend.tech Token Launch Turns Into A Nightmare As Price Dives 98%
03 Maggio 2024 - 7:00PM
NEWSBTC
The decentralized social network Friend.tech, launched in August
2023, is facing a significant setback as its native token, FRIEND,
experiences a staggering 98.5% drop in value. Investors who
participated in the recent airdrop of FRIEND tokens have expressed
serious concerns about the development, highlighting issues with
token claiming and app functionality. Investors Hit Hard As FRIEND
Token Crashes Upon its debut, the FRIEND token entered the market
with a trading price of $169 per token, attracting 18,000 holders,
and boasting a circulating supply of 14 million tokens.
However, the current trading price has plummeted to approximately
$1.26, resulting in a market cap of $27.7 million and liquidity of
$5.4 million, according to DexScreener data, leaving many investors
frustrated. Related Reading: Why This Crypto Bull Run Might
Not Live Up To The Past: Analyst The airdrop process, which aimed
to distribute tokens to the community, has faced its fair share of
challenges. Users on social media site X (formerly Twitter)
expressed frustration over the declining value of their airdropped
tokens. Some claimants experienced difficulties claiming
their tokens, while others reported watching the value of their
holdings diminish significantly in hours. One user even
accused a prominent figure of orchestrating a rug pull, further
fueling the community’s discontent. DeFi Researcher Slams
Friend.tech V2 Launch Despite the current downturn, some crypto
analysts predict a potential recovery for the FRIEND token.
Notably, crypto analyst Daan Crypto Trades suggests that the
token’s value may rise in the future, emphasizing that market
sentiment may change once users start to see returns on their
investments. However, concerns remain regarding the functionality
of the Friend.tech app, which experienced significant issues during
its initial weeks. DeFi researcher DeFi Ignas expressed
disappointment in Friend.tech’s V2 launch, describing it as a
“massive flop.” Ignas criticized the app’s usability issues and
questioned whether the team’s focus was misplaced during
development. Speculation arose regarding whether the team
deliberately orchestrated a price decline to prompt a subsequent
surge in value. Related Reading: Bitcoin Update: $120 Million
Futures Liquidated As Price Takes A Beating Despite this, the
self-proclaimed number one creator on Friend.tech’s platform, using
the pseudonym “Captain Levi,” stated the following in support of
the token: The dump is brutal but actually healthy as jeeters sell
at heavily discounted prices while real users have not even waken
up to the full potential of V2 and money clubs given the app barely
works. think we already saw bottom and price should slowly recover
as users buy clubs As Friend.tech grapples with the challenges
surrounding the FRIEND token, the crypto community eagerly awaits
improvements in app functionality and a potential revival of the
token’s value. Featured image from Shutterstock, chart from
TradingView.com
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