Friend.tech (FRIEND) exhibits significant growth amidst trading activity by Jeffrey Huang. Recently, the token surged by over 100%, attracting attention to this once promising project.
FRIEND Token Growth
In the past day, the FRIEND token became one of the biggest daily gainers, rising by more than 100% to trade at $0.42. Despite this, organic activity around the token remains low. Price moves are mainly due to direct buying by one of the well-known coin supporters, Jeffrey Huang, known as @machibigbrother. Since August 10, purchases occurred over several sessions, lifting FRIEND's price to $0.15 on Bunny Swap, the native Base market.
Actions and Influence of Jeffrey Huang
Jeffrey Huang, an influential trader and NFT collector, once lost up to $15M on FRIEND, but has recently started investing in the token again despite uncertainties about its future. The latest buy orders amount to around $330K. Huang's actions attracted attention, but the exact reasons for these purchases remain unclear. One possible explanation is arbitrage, as FRIEND trades at a premium on BitMart and other centralized markets, even though the token's liquidity is extremely low.
Future of Friend.tech
Currently, activity around FRIEND is reflected in the formation of wallet clusters. Visualized by BubbleMaps, three wallet clusters make up around 3% of the total FRIEND supply as of August 16. Speculations about a potential buyback and relaunch of the project continue. Despite this, the community remains skeptical. Influential figures like Jeffrey Huang continue to play a significant role, but the platform lacks activity and new content.
Friend.tech continues to draw trader interest due to recent activity, but questions remain about its long-term prospects. The protocol faces liquidity challenges and ongoing community skepticism.
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