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Social Crypto Platform Friend.tech Rebounds Strongly
Social crypto platform Friend.tech has exhibited a resilient rebound of 23% within the past 24 hours following a tumultuous launch of its token and version two (V2) of its platform last week.
Community Discontent and Price Volatility
Following the recent launch, the Friend.tech community experienced significant upheaval. The airdrop of FRIEND tokens encountered technical glitches, with users encountering issues during the claiming process. Moreover, the introduction of new features with V2 saw functionality problems arise.
Subsequently, a notable portion of users who managed to claim their tokens quickly divested their holdings, leading to a drastic 46% decline in FRIEND’s price from $2.78 to $1.49 within a mere four-hour period, as reported by CoinGecko.
However, Friend.tech has demonstrated remarkable resilience by witnessing an impressive 60% rise, now standing at $2.38. This positive trend is attributed partly to a significant portion of airdrop recipients swiftly selling their tokens, thereby exiting the market. Additionally, the SocialFi platform has implemented several enhancements in response to community feedback.
Forward-Looking Initiatives
In the upcoming period, Friend.tech intends to allocate a portion of protocol fees to Club Presidents, a novel feature introduced in V2. Furthermore, the platform has unveiled a new price curve option for club memberships as part of an initiative to foster the formation of larger clubs.
Moreover, Friend.tech has opened avenues for developers to build atop the platform using a contract on Base. Consequently, an offshoot of Friend.tech called Fren.trade has emerged, arising from the creation of a Pump.fun spin-off. Notably, it is essential to highlight that the Friend.tech team will refrain from auditing any products developed on the platform.
Following these developments, FRIEND has experienced a notable surge in value within a mere 12-hour period, reflecting a broader positive trend in the token’s performance. This resurgence serves as a source of relief for supporters of Friend.tech after the challenges encountered during the previous week’s launch.
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