FriendTech, the once-lauded decentralized social media platform, has recently encountered turbulence with the launch of its Version 2 and the accompanying airdrop of its FRIEND token. Despite initial excitement, the project has faced setbacks ranging from technical glitches to token dumping, leaving users and investors in dismay.
Following a successful launch last August, FriendTech garnered widespread attention within the crypto community, briefly surpassing transaction volumes of major players like Bitcoin and Uniswap. However, this initial momentum waned over time, with usage dwindling by the end of the year.
In an effort to revive interest, developers announced an airdrop of the FRIEND token, originally scheduled for late April but postponed to May 3. Despite the anticipation, numerous users encountered difficulties claiming their tokens, sparking frustration and outrage among the community.
Renowned crypto investor Luke Martin expressed his dismay, lamenting the rapid decline in value of his airdrop amidst technical glitches preventing him from claiming the tokens. Similar sentiments echoed across social media platforms, with users reporting missing tokens and malfunctioning wallets.
The launch of the FRIEND token itself was marred by volatility and controversy. DexScreener reported a rollercoaster ride in token value, with prices soaring to unprecedented heights before plummeting due to widespread dumping. At present, the token trades significantly below its initial launch price, leaving many disillusioned.
One particularly contentious figure, known only as Murphys1d, received a substantial airdrop of over 50,000 FRIEND tokens and promptly sold them off, drawing ire from the community. This pattern of “whale dumping” is not uncommon in the crypto space, as opportunistic users capitalize on airdrops for quick profits.
In addition to the airdrop woes, the rollout of FriendTech’s Version 2 was plagued by technical glitches, particularly affecting the functionality of the Clubs feature. Users eager to explore this new offering were left disappointed as access remained elusive.
