Unprecedented Plunge: Friend.tech’s Token (FT) Collapses by 98% Following Airdrop Failure
- Friend.tech, a social media platform built on Ethereum, experienced a dramatic price plunge of its native token, FRIEND, following an airdrop event.
- The token’s price dropped from a high of $167 to under $2 within hours, leading to user frustration and accusations of a poorly designed launch.
- Analysts attribute the crash to liquidity issues and a sell-off frenzy, while technical glitches and an unintuitive interface further exacerbated the situation.
Friend.tech’s airdrop event turns into a cautionary tale as its native token, FRIEND, experiences a dramatic price plunge, highlighting the potential pitfalls of token distribution in the crypto space.
Friend.tech: A New Social Network On Blockchain
Launched in 2023, Friend.tech is a Web3 social media platform that leverages blockchain technology to foster a more authentic and decentralized online experience. The platform uses a unique “key” system, where users gain access through exclusive invites. These “keys” are social tokens built on the ERC-20 standard, allowing communities within Friend.tech to establish their own governance and economic structures.
FRIENDly Faux Pas: Airdrop Chaos And Price Plunge
On May 3rd, Friend.tech airdropped FRIEND tokens to its user base in conjunction with the version 2 protocol rollout. However, the token’s price exhibited a dizzying rollercoaster ride, soaring to a high of $167 shortly after launch, then plummeting to a value under $2 within a matter of hours. Analysts point to liquidity issues and a sell-off frenzy as the primary culprits behind the crash.
Claiming Challenges Add Fuel To The Fire
Adding insult to injury, the process for claiming airdropped FRIEND tokens repor... Read the full article for FREE at COINOTAG!
