Friend.tech, a social media platform running on the Ethereum blockchain, saw its native token, FRIEND, plummet in value following an airdrop event. The token's price went from $167 to less than $2 in a short amount of time, causing frustration among users who criticized the launch process. Market analysts believe the crash was due to liquidity problems and a sudden surge in selling, exacerbated by technical issues and a confusing interface.

Lessons from Friend.tech's Airdrop Disaster

The sharp decline in the price of FRIEND serves as a cautionary tale on the challenges of distributing tokens in the cryptocurrency industry.

Friend.tech: Blockchain-Powered Social Networking

Friend.tech was introduced in 2023 as a Web3 social media platform that uses blockchain technology to create an authentic and decentralized online environment. Users must obtain special "keys" for access, which are social tokens following the ERC-20 standard. These keys enable communities within Friend.tech to form their own governance structures and economic systems.

Unforeseen Plunge: Airdrop Troubles Prompt Token Crash

Full details are available at COINOTAG.