Friend.Tech's native token tanked to $2.50 having risen as high as $169 immediately following its debut. Decentralized social platform Friend.Tech airdropped FRIEND on Friday while unveiling version 2 of the platform. "It looks like the price dump has been driven by liquidity issues," Hitesh Malviya, founder of crypto analytics platform DYOR, told CoinDesk. Several users also seemed to have issues claiming their airdrop. Malviya said the distribution was a "concentrated airdrop," in which leading creators took the most supply. Following its launch in August last year, assets locked in Friend.Tech reached as high as $52 million in October, but are now more than 40% lower at $29.8 million.
