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Friend.Tech airdrop crashes after whale downloads tokens
Friend.tech, the popular Web3 social platform, found itself in trouble due to a surprising turn of events: the platform’s largest airdrop recipient, known as “Murphys1d”, wasted no time and sold all the tokens he received a few hours later the airdrop began.
The sudden and significant sell-off by this key player has raised concerns about the fairness of the airdrop process and the potential manipulation of token prices. Meanwhile, users faced difficulties in claiming their allocated tokens, escalating the ongoing controversy.
The Murphys1d effect
Blockchain data reveals the staggering scale of the situation: “Murphys1d” scooped up the lion’s share of FRIEND tokens during the airdrop frenzy, only to quickly dump over 55,000 tokens on the market. The consequences were immediate and profound.
In the blink of an eye, the market underwent a seismic shift, with FRIEND tokens plummeting by an alarming 52.5%. What started as a promising launch at $3.26 quickly descended into chaos, hitting a low of $1.32 within just an hour of Murphys1d’s sell-off.
User Frustrations: What’s Wrong?
What has led to further controversy and a heated market situation is that, while the whale has secured the largest amount of FRIEND tokens, many users have reported difficulties in requesting their airdrops.
Cryptocurrency investor Luke Martin shared his frustration about X on May 3, stating:
“I watch the value of my airdrop go from 7 figures to 5 figures in the span of 2 hours as I keep refreshing the page trying to claim…still can’t claim.”
The impact of the massive whale sell-off was further exacerbated because other keepers were unable to participate in the airdrop due to technical issues.
Anndy Lian, intergovernmental blockchain expert and author of “NFT: From Zero to Hero,” weighed in on the situation, warning against knee-jerk reactions to market fluctuations.
“While it may cause a short-term price decline due to increased supply and potential panic selling, it does not always mean a long-term downward trend.”
While acknowledging the short-term turbulence, Lian highlighted the potential benefits of decentralization resulting from such sales.
Airdrop farming: the dark side
The mysterious “Murphys1d” embodies the dark realm of cryptocurrencies: the airdrop farmer. These individuals exploit the protocols for quick profits, exerting significant selling pressure and causing panic among genuine investors.
In response to user protests, Friend.tech promised swift action to address the collapse in token prices. Rumors are circulating about non-transferable tokens and revamped features set for the platform’s V2 launch, signaling a potential change to curb airdrop farming and restore ecosystem stability.
Friend.Tech’s Next Move: Solve the Airdrop Fiasco or Risk Losing Investor Trust? The future of FRIEND tokens hangs in the balance.