- Web3-based social media platform, FriendTech (FRIEND), has made millions of dollars for its investors in a short period of time.
- The platform’s native token, FRIEND, made a swift entry into the market, climbing from $0.89 on May 3rd to $3.03 on May 5th.
- According to on-chain data, the top five wallets holding FRIEND have made a profit of $2.89 million since its launch.
Explore the swift rise of FriendTech’s native token, FRIEND, and how it has generated millions in profit for its investors in a short period of time.
FriendTech’s Rapid Market Entry
FriendTech, a Web3-based social media platform, has seen its native token, FRIEND, make a rapid entrance into the market. The altcoin, which was valued at $0.89 on May 3rd, saw a significant increase, reaching $3.03 by May 5th. This swift rise has resulted in substantial profits for its investors.
Investor Profits and Market Performance
On-chain data reveals that the five wallets holding the most FRIEND have made a combined profit of $2.89 million since the token’s launch. The largest of these wallets purchased 1.1 million FRIEND at $1.69, amounting to a value of $1.83 million. This wallet has already seen a profit of $1 million and has yet to sell. Another wallet, known as “0xa26”, bought 732,000 FRIEND at $1.68, valued at $1.23 million. Following the token’s rise, this investor’s profit has reached $653,000, making them the second-largest individual FRIEND investor. According to CoinGecko data, FRIEND has lost 10% of its value in the last 24 hours and is currently trading at $2.40.
Conclusion
The swift rise and subsequent profits generated by FriendTech’s native token, FRIEND, highlight the potential profitability of investing in new altcoins. However, as the recent 10% drop in value shows, these investments also come with significant risk. Investors should always conduct thorough research and consider their risk tolerance before investing in new cryptocurrencies.
