Friend.tech Native Token Plummets Following Major Sell-Off

• Friend.tech’s native token, $FRIEND, experienced a significant drop in value following a major sell-off by its largest holder.
• Users were unable to access their airdropped tokens, exacerbating the situation.
• The event highlights the ongoing issue of airdrop farmers impacting token launches.

A closer look at the recent dramatic fall in the value of Friend.tech’s native token, $FRIEND, and the ongoing issue of airdrop farmers impacting token launches.

Major Sell-Off Leads to Price Drop

On May 3, $FRIEND’s value fell by 50% following its debut. This dramatic drop was triggered by the largest holder, known as “Murphys1d,” selling over 55,000 of the newly issued $FRIEND. This sell-off resulted in a 53.3% drop in the token’s price from $3.26 to $1.30.

Users Unable to Access Airdropped Tokens

In addition to the sell-off, users were unable to claim their airdropped tokens, adding to the market instability. This issue contributed to liquidity problems, with the market unable to absorb large buy and sell orders at stable prices. With only $0.01 worth of liquidity, $FRIEND holders were left vulnerable, leading to widespread outrage within the community.