On Friday, it launched decentralized social media platform Friend.Tech Its original cryptocurrency “FRIEND“In conjunction with an airdrop and the unveiling of the second version of the platform, this version includes a set of new features, including “Money Club”.
The price of the coin recorded a surprising rise to $169 after its listing on the Base platform. But it quickly collapsed to $2.50, according to data from the DEXscreener platform.
And Aza Hitesh Malviya, founder of digital currency analytics platform DYOR. The price collapse was caused by liquidity problems, similar to what happened with the Renzo currency last week. Liquidity refers to the market's ability to absorb large buy and sell orders without large price fluctuations. In a low liquidity environment, a few large orders can have a significant impact on the market price.
It should be noted that Friend.Tech Platform He entered the world of trading in August last year on the Ethereum Base blockchain. The platform initially adopted a system based on invitations and reward points awarded to users based on their interaction.
The new Money Club feature will offer an exclusive space for financial discussions and networking as well as a new points system. According to DeFiLlama, the value of cryptocurrencies currently deposited on Friend.Tech is approximately $29.8 million. That's a drop of more than 40% from the peak of $52.04 million recorded in early October.
Free distribution of the FRIEND coin and disappointment in the airdrop
The platform experienced an increase in activity last month in line with the anticipation of the launch of the second version, scheduled for April 20.
Traders were also enthusiastic For the release (drop) For the AMI part What the developers have promised is that it will be a 100% free airdrop. published The platform published a photo last week of a quantity distribution FRIENDLY COINS Free and long awaited.
Read also: Discover the perfect way to trade free distribution coins
In the cryptocurrency market, the term "100% airdrop" refers to a complete or 100% free distribution of new or existing cryptocurrencies to holders of other currencies.
But it seems that many users are having difficulty receiving their free coins.
In this regard, Ritika Malik, a cryptocurrency analyst and trader from Dubai, said on the X platform: “I will not sell my free FRIEND coins (because I can't even claim them). »
Malviya explained that the distribution was a “targeted airdrop,” with top content creators getting the bulk of the exposure.
“Most users received 10 times less free coins than expected,” Malviya said in a private message about the “insane amounts.” disappointed."
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