Tech
Friend.tech Price Rebounds 23% After Chaotic V2 Launch
Social crypto platform Friend.tech has rallied 23% in the past 24 hours, after last week’s launch of its token and version two (V2) of its platform did not go to plan.
Last week, the Friend.tech the community was in turmoil. The airdrop of FRIEND tokens was anything but smooth. Users reported that the application process was buggy and that some new features introduced with V2 didn’t work.
Many of those who were able to claim their tokens appeared to have immediately sold their tokens, with the price of FRIEND plummeting 46% from $2.78 to $1.49 in less than four hours, according to CoinGecko.
Since then, Friend.tech has risen about 60% to $2.38. In part, the community believes this is because those who simply grew the airdrop immediately sold it, abandoning the market. However, the SocialFi platform has also brought a number of changes to the platform joy of the community.
In the coming days, Friend.tech will begin giving a percentage of protocol fees to club presidents, a new feature in V2. The project also has added a new option for the price curve for club membership, in an effort to encourage the formation of larger clubs.
Additionally, Friend.tech allows any developer to build on the platform using a contract on basis. This has already led to a spin-off of Pump.fun for Friend.tech, called Fren.trade. It is worth noting that the Friend.tech team will not control any of these products based on the crypto social media game.
In the 12 hours following the announcement, FRIEND jumped by double digits, amid a broader rally in the token. A sigh of relief for Friend.tech fans after last week’s problematic launch.