Friend.tech Token Plummets 98.5% in Value: Investors Express Concerns
The decentralized social network Friend.tech, launched in August 2023, is currently 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.
Initial Momentum and Subsequent Plunge
- 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.
- 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.
Airdrop Challenges and Community Frustration
- The airdrop process, intended to distribute tokens to the community, has faced challenges with users expressing frustration over the declining value of their airdropped tokens.
- Some claimants encountered difficulties claiming their tokens, while others witnessed significant decreases in the value of their holdings in a matter of hours.
- Accusations of rug pulling have surfaced, contributing to the community’s discontent.
Analyst Predictions and App Functionality Concerns
- Despite the current downturn, some analysts predict a potential recovery for the FRIEND token, emphasizing that market sentiment may change once users start to see returns on their investments.
- However, concerns persist regarding the functionality of the Friend.tech app, which experienced significant issues during its initial weeks.
- DeFi researcher DeFi Ignas criticized Friend.tech’s V2 launch as a “massive flop,” citing usability issues and speculating about the team’s focus during development.
Community Response and Future Prospects
- A prominent creator on Friend.tech’s platform, known as “Captain Levi,” expressed optimism about the token’s future potential growth, highlighting the benefits of the current price drop.
- As Friend.tech navigates challenges surrounding the FRIEND token, the crypto community looks forward to enhancements in app functionality and a potential resurgence in the token’s value.
Hot Take: Friend.tech Faces Turbulence as FRIEND Token Plunges
The recent plunge of the FRIEND token has sent shockwaves through the crypto community, raising concerns about the stability of the Friend.tech platform and the future prospects of the native token. Despite challenges and criticisms, there remains a glimmer of hope for a potential recovery, as investors and analysts closely monitor developments within the ecosystem.
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