On an early Friday, Friend.Tech launched its own token, FRIEND.tech , alongside the introduction of version 2 of its platform.
The decentralized social platform Friend.Tech made waves on Friday by distributing its native token, FRIEND, through an airdrop coinciding with the debut of version 2 of the platform. This update comes bundled with exciting new features, notably the Money Club.
Following its debut on Base, the token initially surged to $169 but quickly plummeted to $0,9 , according to data from DEXscreener. Hitesh Malviya, founder of crypto analytics platform DYOR, suggested that this price drop might be attributed to liquidity issues, akin to what was witnessed with Renzo the previous week. Liquidity, in this context, denotes the market’s capacity to handle significant buy and sell orders without affecting prices drastically. In environments with low liquidity, even small orders can sway market prices significantly.
Friend.Tech emerged in August last year on Coinbase’s Ethereum-based layer-2 blockchain, Base, as an exclusive, invitation-only platform featuring a point system to reward user engagement.
The latest addition, the Money Club, will provide a dedicated space for financial discussions and networking, complemented by a revamped point system. Presently, crypto assets totaling $29.8 million are locked in Friend.Tech, representing a decline of over 40% from the peak of $52.04 million in early October, according to DeFiLlama.
Anticipation for the version 2 launch, initially slated for April 20, as well as the teased FRIEND token airdrop, fueled increased activity last month.
The platform recently conducted a snapshot for the highly anticipated 100% airdrop of FRIEND, yet some users are encountering difficulties claiming their share.
Expressing frustration, Dubai-based crypto analyst and trader Reetika Malik stated, “I’m not selling my FRIEND airdrop (cause I can’t even claim it),” on X.
Malviya highlighted that the distribution seemed to favor leading creators, resulting in disappointment for many retail investors who received significantly less than anticipated. He explained, “Most users got 10x less airdrop than what they were expecting, so they are not even claiming that airdrop, as its less than $200 for most of the retail investors.” He further elaborated, “But at the same time, few people ended up making crazy amounts. So it’s a clear case of a very concentrated airdrop where leading creators took the most supply home through airdrop, leaving retail investors in a state of disillusionment.”
As of publication time, Friend.Tech had not responded to requests for clarification.
