"Breakup!" FriendTech project of SocialFi immediately faces a major setback after the token launch.

Social media platform Friend Tech, despite being surrounded by controversy, has set the benchmark for "SocialFi" social finance over the past year, influencing the development of many innovative applications. Many communities have indeed established meaningful social circles on the platform, and people are hopeful that these strong foundations will bring a bright future for Friend Tech's cryptocurrency issuance.

FriendTech Issued Tokens, Community Unable to Claim in Full

On May 3rd, Friend Tech (abbreviated as FT) started the token FRIEND claim, with many users on Twitter reporting that they were unable to claim the full amount. The claiming page even experienced temporary malfunctions, leaving many unable to acquire the tokens.

As a result, FRIEND plummeted from its opening whole number price to the 0.8 level, experiencing significant drops; it was at $1.24 at the time of writing. The community members who were trading in anticipation of the airdrop also expressed their losses. Worse still, they felt that the deep friendships built here were now being embarrassed.

Twitter Influencer Ignas: Friend Tech V2 a Big Failure

Twitter influencer Ignas commented that Friend Tech V2 turned out to be a huge disappointment, a massive failure. Friend Tech had all the potential to reach a market cap of $1 billion and, more importantly, to expand their audience beyond the crypto community.

Ignas believed that Friend Tech's development capabilities were exaggerated. After 8 months of development, Friend Tech only needed to ensure that the program could function, but the v2 application was completely unusable.

They did not focus on building a reliable product but instead posted trash on X.

Although it would have been forgivable if they had actually delivered a product.

Is this their strategy all along? To get people to sell FRIEND in preparation for a real upgrade to restore the price? Ignas stated that at this point, this strategy would not surprise him. However, Friend Tech missed the opportunity.

He mentioned having a very active community of friends on Friend Tech, but if all of this is wasted, it would be a disgrace.

Friend Tech V2 turned out to be a massive flop.

It's beyond disappointing.

They had everything to reach a $1 billion market cap and, more importantly, expand their audience beyond crypto natives.

After 8 months of development, all they needed to do was ensure the app was……

— Ignas | DeFi Research (@DefiIgnas) May 3, 2024