Friend.tech 's FRIEND Token has plummeted from a temporary peak of 169 USD to only about 1.6 USD. Thus, after just a short time, FRIEND has lost more than 99% of its value.
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FRIEND Token price drops sharply: Pump & dump scenario?
As noted by BeInCrypto on DexScreener, Friend.tech's FRIEND Token price dropped sharply not long after its launch. Although the scenario pushes the price up upon launch (pump) and then plummets under the pressure of a sell-off (dump), at Friend.tech, things don't seem to be that simple.
FRIEND has nearly 18,000 holders and a circulating supply of about 14.5 million. The price drop that caused FRIEND to lose more than 99% of its value is speculated to be due to liquidation issues. Simply put, when liquidation is low, there is no need for whales, just a few large orders are enough to cause such unpredictable fluctuations. While the token may have had low liquidation to begin with, data from DexScreener shows FRIEND's current liquidation at $4 million.
In addition to the liquidation issue, what is even more notable is that many users Chia that they were unable to receive the FRIEND Token Airdrop before this strong price increase/decrease event took place. According to the Chia , they only saw the Airdrop account value change continuously for about 2 hours. However, when they claimed, they encountered a problem. Of course, this has caused frustration in the community as they somehow think they have lost a rare opportunity.
