đ¨ REVIVING A DEAD PERSON?
Machi Big Brother offers $1M for #FriendTech and launches the FRIEND token up more than 1,100%
The project that defined the riseâand subsequent downfallâof the narrative #SocialFi on the Base network is back in the spotlight. The token #FRIEND has experienced an impressive pump of over 1,100% in the last 24 hours (reaching $0.033 after trading at lows of $0.0026), driven by an unexpected move from the famous investor #MachiBigBrother
Through an X post, Machi Big Brother noted that Friend.tech was trading below $300,000 in market capitalization and made a $1,000,000 USD acquisition offer to the founder (Racer) and the venture capital fund Paradigm, with the goal of executing a Community Takeover (CTO) and relaunching the project.
From glory to abandonment:
August 2023: Friend.tech is born on Ethereumâs layer 2, Base, enabling monetization of social interaction through the purchase/sale of creatorsâ "keys" to access private chats.
Boom: It became the definitive viral SocialFi phenomenon, backed by Paradigm and generating tens of millions of dollars in network fees.
May 2024: It launches its FRIEND token, hitting an all-time high (ATH) of $3.26 USD.
Collapse: Interest evaporated, daily activity fell by more than 95%, and users abandoned the platform. In September 2024, the team officially relinquished control of the smart contracts by sending ownership to a null address, leaving the app in a technically abandoned state and causing the tokenâs value to plunge by more than 97%.
Market reaction: The acquisition announcement reactivated trading volume to over $1.45 million in 24 hours (+26,000%), lifting market cap above $500,000 USD and returning $FRIEND to the top trends in the crypto ecosystem.
#CryptoNews
Machi Big Brother offers $1M for #FriendTech and launches the FRIEND token up more than 1,100%
The project that defined the riseâand subsequent downfallâof the narrative #SocialFi on the Base network is back in the spotlight. The token #FRIEND has experienced an impressive pump of over 1,100% in the last 24 hours (reaching $0.033 after trading at lows of $0.0026), driven by an unexpected move from the famous investor #MachiBigBrother
Through an X post, Machi Big Brother noted that Friend.tech was trading below $300,000 in market capitalization and made a $1,000,000 USD acquisition offer to the founder (Racer) and the venture capital fund Paradigm, with the goal of executing a Community Takeover (CTO) and relaunching the project.
From glory to abandonment:
August 2023: Friend.tech is born on Ethereumâs layer 2, Base, enabling monetization of social interaction through the purchase/sale of creatorsâ "keys" to access private chats.
Boom: It became the definitive viral SocialFi phenomenon, backed by Paradigm and generating tens of millions of dollars in network fees.
May 2024: It launches its FRIEND token, hitting an all-time high (ATH) of $3.26 USD.
Collapse: Interest evaporated, daily activity fell by more than 95%, and users abandoned the platform. In September 2024, the team officially relinquished control of the smart contracts by sending ownership to a null address, leaving the app in a technically abandoned state and causing the tokenâs value to plunge by more than 97%.
Market reaction: The acquisition announcement reactivated trading volume to over $1.45 million in 24 hours (+26,000%), lifting market cap above $500,000 USD and returning $FRIEND to the top trends in the crypto ecosystem.
#CryptoNews
