Decentralized social media app, Friend.tech, recently made headlines with the launch of its native token through an airdrop. However, the token’s value has taken a nosedive on decentralized exchanges (dex) platforms, with a reported decrease of anywhere between 50% to 90%. This significant drop has been observed across various price aggregation websites.
The Friend.tech token, known as FRIEND, entered the market trading primarily in wrapped ether (WETH) on dex platforms. According to dexscreener.com, a real-time market data aggregator, FRIEND initially debuted at an impressive $169 per token.
As of 9:00 a.m. ET, the price of FRIEND has seen a substantial decline, currently standing at $1.48 per token, indicating a staggering 98% decrease from its initial trading price, as reported by dexscreener.com. However, Coingecko provides a slightly different perspective, stating that FRIEND reached an all-time high of $3.26 per token, resulting in a 48.52% reduction from that peak. Coingecko also highlights that FRIEND has accumulated a trade volume of approximately $33.63 million since tracking began.
FRIEND’s market cap, according to Coinmarketcap.com, ranks at 2,484 among numerous cryptocurrencies. It is important to note that the token’s supply is self-reported, as the CMC team has not verified it. Based on the project’s own reporting, the circulating supply of FRIEND is 14,598,835.1 tokens, with a market cap of $20.31 million.
Analysis of the Base network’s contract reveals that the maximum supply of FRIEND is 37,238,276 tokens, with approximately 19,023 holders at present. To date, there have been around 292,016 transactions involving FRIEND. The contract itself holds 32.23% of the total supply, which translates to roughly 12,004,864 FRIEND tokens. Additionally, the top 100 holders collectively possess 61.85% of the supply, amounting to 24,459,236.07 tokens, as reported by basescan.org.
What are your thoughts on the recent price action of FRIEND? We invite you to share your opinions and insights in the comments section below.
