As a seasoned crypto investor with battle-hardened instincts honed from years of navigating the volatile crypto market, I can’t help but feel a sense of deja vu when witnessing the downfall of Friend Tech. The saga serves as a stark reminder that no investment is ever truly safe in this wild west of digital assets.
Over the weekend, Friend Tech, a well-respected social media platform, encountered significant setbacks when it faced difficulties. The developers surrendered the smart contract to Web3 media, causing chaos within its ecosystem. This move left investors bearing substantial losses. One of the most affected parties is Machi Big Brother, a prominent advocate for the project.
Heavy losses linked to Friend Tech
Based on information from the cryptocurrency analysis platform Lookonchain, prominent investor Machi Big Brother is reported to have poured approximately 5.2 Ethereum, valued at around $16.7 million, into the Friend Tech venture. Upon making this investment, he was granted roughly 11.1 million FRIEND tokens, which currently hold a value of about $0.7 million.
One significant instance of cryptocurrency investment failure is the reported loss of approximately $16 million by Machi Big Brother. The financial setback has stirred discussions within the crypto community, as some skeptics question whether Machi Big Brother made this loss willingly rather than through external factors.
As a researcher examining the Friend Tech project, I’ve learned that it carries valuable insights for potential investors. Cryptocurrency investments, much like this one, are prone to significant losses, which underscores the importance of strategic risk management strategies. Despite not being a meme coin, Friend experienced a steep decline—over 50% in just 24 hours—reaching $0.06305.
Over the past year, the token has fallen by more than 96%.
Are meme coins better options?
At its zenith, Friend Tech disrupted the market through its innovative incentive system and substantial earnings, outperforming established protocols. Unfortunately, the venture’s longevity was limited.
This situation reminds me of a common pattern observed in many meme coin ventures that initially gained popularity but later saw a decline. Interestingly, the last year has shown a marked improvement in the outlook for these types of coins. For instance, PEPE, dogwifhat (WIF) and Shiba Inu (SHIB) have provided substantial returns to their investors.
The tokens have shown remarkable growth during the last year, and they’re introducing distinct items to emphasize their commitment to sustainability.
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2024-09-09 12:34