Friend.tech’s Token Plunge 98% Amid Chaotic Airdrop Claim Process

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Crypto users have decried the drop in the price of the recently launched FRIEND token.
FRIEND dropped by 98% shortly after its debut amid glitches in the airdrop claim process.
An analyst identified a significant imbalance between the added liquidity and collected fees Friend.tech.

Several crypto users have decried the unprecedented drop in the price of the recently launched FRIEND token of the blockchain SocialFi project friend.tech. Most users involved in the project’s airdrop complained about the claim process as they watched the newly launched token drop by 98% shortly after its debut.

Friend.tech launched last year on Base, the Coinbase Ethereum L2 network, offering an invite-based community via a custom ERC-20 social token, “Keys.” However, the project’s native token, FRIEND, debuted on May 3 with an airdrop to users.

Data from DEX Screener showed that FRIEND/WETH dropped from $169.09 to $0.5293 shortly after launching. In addition, users observed a significant drop in the token’s liquidity, exposing it to massive price swings and increased volatility.

Following the unusual behavior, a Messari analyst identified as Average Joe’s Crypto o…

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