Image(s) are kindly provided by Unsplash
Our analysis of the situation
Friend.tech, the much-touted Crypto social media platform, recently found itself in a storm of controversy, quickly leading to dire consequences. The platform’s native token, FRIEND, saw a staggering 42% drop, reaching its all-time low (ATL) price, shaking investors and enthusiasts alike.
Over the weekend, Friend.tech made a tumultuous decision to relinquish control over its smart contracts in a bid to stave off potential changes. This left the project's community reeling, expressing disbelief and disdain for what has been deemed a dubious move. The decision appeared to be the catalyst for a cascade of apprehension among the project's user base.
In addition to this, the project had previously stirred skepticism within the community from the May airdrop woes to the now-shelved "Friendchain" project announced in June. These missteps have shattered the investors' confidence, resonating in the recent debacle that resulted in a damaging 42% drop in the FRIEND token's value.
The aftermath of the controversial decision wasn't just limited to disgruntled community members; it took a considerable toll on substantial investors as well. Notably, a prominent crypto investor, known for being a stalwart proponent of the platform’s token, suffered substantial losses to the tune of over 95%. Taiwanese personality Machi Big Brother, who held a substantial position in FRIEND tokens, reportedly witnessed an alarming 94.5% unrealized loss.
As the FRIEND token attempts to stage a recovery, investors remain skittish, closely watching its every move. In the wake of the recent controversy, the road to redemption for Friend.tech seems arduous as it grapples with a skeptical community and disillusioned investors.
With the once-promising platform facing its darkest hour, the battleground for the resurrection of investor trust seems increasingly steep. Whether Friend.tech will weather this storm and emerge stronger or succumb to the tempest of doubts remains to be seen.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
0 Comments
Please, behave!