Link: Crypto’s Social Media Friend Tech Saw Token Value Crash 98%

Friend.tech, one of the most ambitious projects by crypto advocates in the social media sector, saw the value of its new cryptocurrency tumble almost immediately after making its trading debut. On Friday, the decentralized social platform conducted an “airdrop,” or an unsolicited distribution, of its so-called native token while unveiling an updated version of the platform. After initially trading as high as $169, the Friend token slumped around 98% to below $2, according to DeFi data tracker DEX Screener. Friend.tech allows users to buy and sell digital tokens linked to their favorite influencers on X (formerly Twitter), which act as a gateway to communicate with other backers in dedicated group chats. The token was built on Coinbase Global Inc.’s Base blockchain. Traders cited a lack of liquidity, or the ability to quickly buy or sell an asset without causing a major change in an asset’s price, on decentralized exchanges for the wide price swing. #

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Yoooo, this is a quick note on a link that made me go, WTF? Find all past links here.