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Headline : Friend.Tech’s token falls 98% following airdrop fiasco

Read more from the original article on here at crypto.news.





Tags : #friendtechs #token #falls #9825 #following #airdrop #fiasco


No. of Paragraph 15

Users decried the friend.tech airdrop claims process as the token tumbled from a sharp spike as high as $167 and crashed from its opening price of $10. 

SocialFi project friend.tech debuted its native token FRIEND on May 3 with an airdrop to users, along with version 2 of its protocol previously announced last month. The platform launched last year on Base, Coinbase’s Ethereum (ETH) L2 network, offering an invite-based community through “keys”, a custom ERC-20 social token type. 

Shortly after FRIEND launched, DEX Screener data showed a 98% plunge in the token’s price and little liquidity. Token liquidity allows traders to buy or sell assets on the market, essentially enabling trading. Small liquidity caps can result in massive price swings since large orders will have a greater impact.

A Messari analyst noted that friend.tech’s team initially added a liquidity level far disproportionate to the amounts collected in fees. 

Read more from the original article on here at crypto.news.


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