Friend.tech Social-Media Platform’s Token Tumbles 98% After Debut
- “No one can figure out the tokenomics,” Delphi’s Rinko says
- Friend.tech’s growth has been driven in part by trading bots
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Friend.tech, one of the most ambitious projects by crypto advocates in the social media sector, saw the value of its new cryptocurrency tumble almost immediately after making its trading debut.
On Friday, the decentralized social platform conducted an “airdrop,” or an unsolicited distribution, of its so-called native token while unveiling an updated version of the platform. After initially trading as high as $169, the Friend token slumped around 98% to below $2, according to DeFi data tracker DEX Screener.