Friend.tech's FRIEND Token Reaches New All-Time Low After Team Abandons Smart Contract Control
- PHPzOriginal
- 2024-09-09 15:03:15439browse
Friend.tech's FRIEND token has reached a new all-time low, dropping over 30% to $0.059 in the past 24 hours, CoinGecko's data shows.
Friend.tech’s (FRIEND) native token hit a new record low on Monday, plunging over 30% to trade at $0.059,????????? data showed. The drastic fall in the token’s value comes after the team behind the project abandoned control of its smart contracts.
On Sept. 8, the Friend.tech team transferred ownership of their smart contracts to the Ethereum null address, which is a known burn address, essentially indicating a permanent cessation of their control over the contracts. The move effectively ended the platform’s ability to add features or fix bugs.
Friend.tech claimed that they locked the platform’s smart contracts to “prevent any changes to their fees or functionality in the future.” No further statements have been issued following the move.
Launched in August last year on Base, Friend.tech is a SocialFi platform that enables users to buy and sell shares of social media profiles. The project quickly gained massive traction, attracting over 100,000 users and generating over $2 billion in revenue from fees shortly after its launch.
In June this year, the team announced its plans to develop its own blockchain, which they called “Friendchain.” The decision sparked confusion about the project’s future and led to a downturn in the FRIEND token’s value.
The project later backtracked on its announcement to move away from Base. The team announced in early July that they would continue using the Base L2 network for the FRIEND token. Along with the announcement came more uncertainty, which led to a 25% drop in FRIEND’s value at the time, according to CoinGecko.
FRIEND’s market capitalization has crashed from around $233 million at launch to $5.6 million at the time of reporting.
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