Popular Ethereum Altcoin (ETH) Plummets by 90% Post-Airdrop: A Deep Dive into the Crypto Market Shift

• The decentralized social network (DeSo) platform Friend.tech’s local token plummeted following an airdrop.
• Despite the initial smooth rollout, user complaints about the airdrop stirred up controversy.
• As a result of the chaos, the FRIEND token, which was trading around $100, lost about 90% of its value, dropping to $1.4.

Friend.tech’s local token FRIEND experiences a significant drop in value following an airdrop, sparking controversy among users.

Friend.tech’s Token Plummets Post-Airdrop

Friend.tech, a decentralized social network (DeSo) platform, recently transitioned to its 2.0 version. Along with this transition, the platform conducted an airdrop distribution. Initially, everything seemed to be going well for the project, which distributed its FRIEND token to early users. However, user complaints soon stirred up controversy.

User Complaints Stir Controversy

Some users took to social media to express their frustrations, claiming they were unable to withdraw their airdrops despite being eligible. This chaos resulted in the FRIEND token, which was trading around $100, losing about 90% of its value and dropping to $1.4. Users claimed they experienced a sudden loss in value, dropping from seven figures to five, and demanded compensation for this loss.

Accusations of Lack of Liquidity

On the other hand, a cryptocurrency investor named mcSleuth accused the team of not adding liquidity for FRIEND. Although there was initially low liquidity for the token, current Dexscanner data shows that FRIEND currently appears to have $4 million in liquidity.

Conclusion

The controversy surrounding the airdrop and subsequent drop in value of Friend.tech’s FRIEND token highlights the potential risks and volatility associated with cryptocurrency investments. As the situation continues to unfold, users and investors are urged to stay informed and exercise caution.