Friend.tech Token Launch Turns Into A Nightmare As Price Dives 98%

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. 

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.

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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