FriendTech’s native Friend token fell sharply after launch from trading above $10 to $1, falling more than 90% before recovering slightly.
The data also shows that the token was briefly trading at $169. According to DexScreener, it is currently trading at $1.4.
The web3 social media platform’s native token currently has nearly 18,000 holders and a circulating supply of approximately 14.5 million.
Most of the sales were made while reporting by multiple users. X They still couldn’t claim the airdrop. Crypto investor Luke Martin said: “I watched the value of my airdrop drop from 7 figures to 5 figures in 2 hours while I kept refreshing the page trying to claim it… I still can’t claim it. “It just adds insult to injury,” he said. Posted.
Others have speculated that the price drop may have been triggered by liquidity issues. Liquidity refers to the market’s ability to process significant buy and sell orders at stable prices. In a low-liquid environment, a small number of large orders can cause market prices to fluctuate disproportionately.
Friend token price chart. Source: DexScreener
“You have to be kidding, friendtech only added $0.01 to liquidity. So first they charge users a fee and then they add liquidity so they can attack top tier teams against each other here.“ Crypto trader McSleuth Posted. Initially the token had low liquidity, but DexScreener shows that it currently has a liquidity of $4 million.
Earlier today, the token became available for trading through Bunny Swap, accessible via the app.
FriendTech’s Token Airdrop
On Friday, decentralized social platform FriendTech airdropped its native token as it unveiled version 2 of its platform.
Version 2 includes ‘clubs’, community spaces owned and operated by key holders. The club’s keys are traded in Friend tokens, and a 1.5% fee is charged for every transaction passed to the DEX’s liquidity provider.
FriendTech debuted last August on Coinbase’s Ethereum Layer 2 blockchain base as an invitation-only networking service that leverages social tokens called “keys” that give users access to exclusive chats and content from creators.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.