Bittime - Friend.tech, a decentralized social network launched in August 2023, is facing major problems. Their native token, FRIEND, saw its value drop drastically by 98.5%.
Investors participating in the FRIEND airdrop program recently expressed their serious concerns. They highlighted issues in the token claiming process and the functionality of the Friend.tech app.
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Investment Destroyed Due to Falling FRIEND Token Price
When first launched, FRIEND tokens entered the market at $169 per token. This price succeeded in attracting 18,000 new users and FRIEND had a high market capitalization with a supply of 14 million tokens in circulation.
Also read: Friend.tech Launches FRIEND Token Airdrop, Here's the Leaked Information!
However, the price of FRIEND has now plummeted to around $1.26. This led to a market capitalization of $27.7 million and liquidity of $5.4 million according to DexScreener data. This price drop has frustrated many investors.
The airdrop process which aims to distribute tokens to the community also faces many problems. Users on social media X (Twitter) expressed their disappointment with the decrease in the value of the airdrop tokens they received.
Some users had difficulty claiming their tokens, while others saw the value of their holdings drastically reduced in just a matter of hours.
In fact, one user accused an important figure at Friend.tech of carrying out a "rug pull" (pump and dump scheme fraud), which further muddied the atmosphere in the community.
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DeFi Analyst Slams Friend.tech V2 Launch
Despite the downturn, some crypto analysts are predicting a potential recovery for the FRIEND token. Crypto analyst Daan Crypto Trades predicts the value of the FRIEND token may rise in the future. He stressed that market sentiment could change once users start seeing returns on their investments.
Also read: What is Decentralized Social Media?
However, concerns about the functionality of the Friend.tech app still exist. The app experienced significant problems during the initial weeks of its launch.
DeFi researcher DeFi Ignas expressed his disappointment with the launch of Friend.tech V2. He called it a "massive failure." Ignas criticized the application's usability problems and questioned whether the Friend.tech team had the wrong focus during development.
Speculation arose about whether the team deliberately caused prices to fall to then trigger further price increases.
Will FRIEND Token Bounce Back?
Despite all that, the user who calls himself the number one creator on Friend.tech under the pseudonym "Captain Levi" expressed his support for the token.
He said that this price decline was indeed heavy but actually healthy because panic sellers (jeeters) released their tokens at low prices. Meanwhile actual users have not yet realized the full potential of V2 and money clubs because the app is not yet functioning properly.
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"In my opinion, prices are nearing their lowest point and will slowly recover as users start buying clubs," he explained.
While Friend.tech is struggling to overcome the FRIEND token issue, the crypto community is looking forward to improving the application's functionality and the potential revival of the token's value.
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What is SocialFi, what are its uses? Come on, listen!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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