The FRIEND price has fallen 32.7% in the last 7 days but has risen sharply in the last 24 hours.
According to CoinGecko, the last 7 days have shown that the FRIEND price is very volatile. The coin is down 32.7% for the week. At the same time, it has risen sharply in the last 24 hours by 14.2%.
The FRIEND price history for the last 7 days. Source: CoinGecko
Is Friend Tech Network Dead?
The sharp fall of the FRIEND price to $0.059309 on Sept. 9 was caused by the project officially announcing that the developers no longer control the smart contract. They froze the rights of the administrator and owner at the zero address.
Admin and ownership parameters have been set to 0x000…000 to prevent any changes to their fees or functionality in the future.
This change does not affect the separate web client operated at https://t.co/YOHabcBL3H which will continue to function as is. No fees from either…
— friend.tech (@friendtech) September 8, 2024
If you look at the number of transactions on the network, it hardly exceeded 400 in the last 30 days, which is low for a project that wanted to become SocialFi.
However, on Sept. 9, the number of transactions rose to 928, which is due to the volatility of the FRIEND price.
The number of transactions in Friend Tech in the last 30 days. Source: Dune
If we look at the graph from the start of the project’s launch, we can see that there has been almost no activity on the network since June 2024. According to Dune, the surge in transactions occurred on Sept. 12 2023, when the number spiked to 356,979. Back then, the project was in its early days, and many expected it to do well.
The number of transactions in Friend Tech over time. Source: Dune
Projects like Friend Tech depend on online activity. The more transactions users make, the more commissions the network will receive. Most likely, the project stopped making profits a long time ago.
What Will Happen to the FRIEND Price?
Now it is worth being very careful with the FRIEND price when deciding to trade that crypto asset. Especially when the project launched its app in May, one whale was able to withdraw its assets, while most of the airdrop participants had problems with it due to the workload.
Lookonchain noticed that a crypto celebrity like Marchi Big Brother spent approximately $16.7 million in Ethereum (ETH) to buy FRIEND. He ended up with $11.1 million worth of tokens. However, he lost approximately $16 million.
Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M!
He lost ~$16M on $FRIEND!https://t.co/j5UByo1LAf pic.twitter.com/4c5oQPNH62
— Lookonchain (@lookonchain) September 9, 2024
Moreover, according to CoinGecko, the FRIEND price has collapsed 97.4% since its all-time high, which it reached on May 3 at $3.26.
