Token

Solana

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A decentralized social platform, Friend.Tech, initiated an airdrop of its native token, FRIEND, coinciding with the unveiling of version 2 of its platform. However, following its debut on Base for trading, the token experienced a significant price drop to $2.5 from $169. 
Analysts attribute this dramatic drop to potential liquidity issues, similar to the recent Renzo token incident. This suggests a lack of sufficient buy and sell orders to maintain a stable price. 
As per <a href="https://dexscreener.com/base/0x7cfc830448484cdf830625373820241e61ef4acf" target="_blank" rel="noreferrer noopener" class="broken_link" data-wpel-link="external">data</a> from DEXscreener, there was an initial surge in price to $169 upon trading commencement on Base, and the token’s value swiftly plummeted to $2.5. According to <a href="https://defillama.com/protocol/friend.tech#information" target="_blank" rel="noreferrer noopener" data-wpel-link="external">DeFiLlama</a>, Friend.Tech had $23.63 million worth of crypto assets locked up, which is more than 40% less than the peak of $52.04 million in early October. 
In the updated version 2, the company introduces a variety of new features, including the Money Club, which enables exclusive financial debate combining a new point system with an exclusive forum for financial networking. 
Last month saw a surge in activity as users eagerly awaited the launch of version 2, initially scheduled for April 20, along with the much-anticipated FRIEND token airdrop.&nbsp; 
The platform recently took a snapshot of the 100% airdrop of FRIEND, generating excitement. However, some users are encountering difficulties claiming their airdrop. 
Reetika Malik, a trader and cryptocurrency analyst located in Dubai, <a href="https://twitter.com/ReetikaTrades/status/1786275184627880373" target="_blank" rel="noreferrer noopener" data-wpel-link="external">stated </a>on X that she was not selling her FRIEND airdrop because she was unable to claim it. According to Malviya, the material was distributed in a “concentrated airdrop,” with top creators taking the majority of it home. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://cryptotimes.io/2024/04/26/solana-chapter-2-airdrops-may-offset-phone-costs/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Solana ‘Chapter 2’ Airdrops May Offset Phone Costs</a> 
</blockquote>

Friend.Tech Native Token Drops to $2.5 after Debut

The Crypto Times

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