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Friend.Tech‘s native token, FRIEND, suffered a decline following the launch of version 2 of the platform and the accompanying token airdrop. The token, which quickly rose in 169 directions, quickly fell in 2.5 directions, leaving its price significantly scratched by many of the liquidity issues.
The 2nd launch of Friend.Tech introduces new features including the Money Club, which aims to encourage financial discussions and networking. Despite promising updates, the token’s value has experienced extreme fluctuations, reflecting market returns and liquidity challenges.
The platform’s outlook for a 100% token airdrop created expectations among users. However, some airdrops have encountered difficulties and many have expressed disappointment in the process. Additionally, concerns about the airdrop’s issues have also been raised; Reports indicate that prominent creators were paid a disproportionately large amount against their retail sales.
DYOR founder Hitesh Malviya attributed the token’s price drop to liquidity issues similar to what happened with Renzo’s token last week. It was highlighted that leading creators had largely acquired the supply, concentrating significantly less money than expected at retail.
Despite the difficulties and conflicts surrounding the launch of the token, Friend.Tech did not make a statement about these issues at the time of its release.
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