Friend Tech Faces Backlash as Token Price Crashes After Airdrop

Highlights

Friend token's value dropped from $10 to $1 post-airdrop.
Market volatility ensued as token's price briefly spiked to $169.
Technical glitches during the airdrop led to widespread user dissatisfaction.

The introduction of the Friend token by FriendTech, a Web3 social media platform, has been met with market turbulence as the price significantly dropped after its airdrop event. Having originally been launched at a value of more than $10, the token’s value went down to $1 before slightly correcting to $1.4. This precipitated loss of value came as a result of several operational hitches in the airdrop operation.

Technical Challenges and Market Reactions

Several technical problems were reported during the airdrop, making it difficult for many users to claim their tokens smoothly. Luke Martin, a crypto investor, made his grievance known on social media platform X by saying that the value of his airdrop decreased to his surprise while he was claiming it. This situation has contributed to the general discontent of the token holders and possible investors, which is manifested in the token’s price volatility.

Watching the value of my airdrop go from 7 figs to 5 figs in the span of 2hrs while I keep refreshing the page trying to claim….still can't claim.

Meanwhile I gotta watch this guy cashout while my wallet won't even load.

Adds insult to injury 💀💀💀

— Luke Martin (@VentureCoinist) May 3, 2024

In addition, market players expressed the initial non-liquidity as one of the causes of the price volatility with the token price briefly reaching $169 before it went down. In the beginning, the token lacked liquidity, however, it was rectified by pumping the liquidity pool to over 4 million dollars. However, this move came after significant market value was lost, negatively influencing investor sentiment.

FriendTech Token Launch

The release of FriendTech’s Friend token was expected to be a revolutionary move for the decentralized platform, especially with the introduction of its Version 2. This new version added features such as “Clubs,” which are a fundamental part of its Version 2, in which trades that involve Friend tokens have a nominal 1.5% fee that goes to liquidity providers. However, the launch was distracted by the quick drop in token value and user issues during the airdrop.

this has to be a joke, friendtech only added $0.01 in liquidity??

so first you milk your users with fees, then u get them to add liquidity so that they can dump on each other

top class team here https://t.co/yFXPwHcAlV pic.twitter.com/ckzqM5pMU5

— mcSleuth (@0xSleuth_) May 3, 2024

Market analysts have opined that the dramatic drop in price was caused by technical problems in the course of the airdrop and the initial lack of liquidity. These circumstances made the token market quite sensitive to price volatility, which was caused by large sale commands. The platform’s liquidity approach made the situation worse since it heavily relied on user contributions and caused the investors to become discontented.

As Friend Tech overcomes these first obstacles, attention will probably turn towards working on stabilization the outlook of the token market and dealing with the technical issues that have caused the airdrop to fail.

TAGS
Airdrop

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.