Friend.tech, the decentralized social media application on the Base network, recently launched its native token through an airdrop. Since trading commenced, the token has plummeted, dropping anywhere from 50% to 90% of its initial value across various decentralized exchange ( dex) platforms, as reported by several different price aggregation websites.
Friend.tech’s FRIEND Token Airdrop Faces Steep Decline Since Market Debut
This article was published more than a month ago. Some information may no longer be current.
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FRIEND Starts Strong but Value Plummets on Decentralized Exchanges
Recently, Friend.tech introduced its friend tech token (FRIEND) to the market, initiating trade predominantly in wrapped ether (WETH) on dex platforms. According to dexscreener.com, a market data aggregator that analyzes real-time information from multiple dexes, the FRIEND token debuted at a high of $169 per token.
Currently, at 9:00 a.m. ET, the price of FRIEND has significantly declined to $1.48 per token, marking a 98% decrease from its initial trading price, per dexscreener.com. Alternatively, Coingecko presents a somewhat different perspective, noting the all-time high at $3.26 per token and a 48.52% reduction from that peak. This site also notes that FRIEND has amassed about $33.63 million in trade volume since tracking began.
Coinmarketcap.com ranks FRIEND’s market cap at 2,484 among numerous crypto assets, noting that the token’s supply is self-reported. The site clarifies, “The CMC team has not verified the project’s circulating supply,” but according to the project, the self-reported circulating supply is 14,598,835.1 FRIEND with a market cap of $20.31M.”
The Base network’s contract reveals a maximum supply of 37,238,276 FRIEND, with approximately 19,023 holders currently. To date, there have been about 292,016 transactions involving FRIEND. The contract retains 32.23% of the total supply, which equates to roughly 12,004,864 FRIEND tokens. Moreover, the top 100 holders collectively possess 61.85% of the supply, which totals 24,459,236.07 tokens, as stated by basescan.org.
What do you think about the FRIEND price action on Friday? Share your thoughts and opinions about this subject in the comments section below.
