FRIEND Is Down 6.3%, But Experts Say New Dog-Themed Crypto ICO Can Offer 1,763% Returns
The crypto token for exclusive new decentralized social media platform Friend.tech has taken a sudden hit of 4.3% in the last hour as various other leading cryptocurrencies also begin posting red candles.
Friend.tech’s $FRIEND launched token, which crashed 50% on its debut last Friday when its largest whale did a spot of profit-taking, has suddenly dropped 4.3% after the lunch hour UTC on Tuesday.
At today’s price of $2.69, FRIEND is about 6.3% less valuable than it was this time yesterday.
Taken together these metrics spell a volatile launch period for FRIEND holders. The news should come as no surprise given the speculative nature of crypto in general and crypto launches in particular, amidst a risk-averse macro outlook and cooling enthusiasm for Bitcoin ETFs.
Still, since launching as a decentralized on-chain social network last August, the protocol has ratcheted some significant milestones before the turn of the year, including $1 million in 24-hour fees (surpassing Uniswap and Bitcoin), and taking in tens of millions in fees.
Unfortunately all the attention brought opportunists along too. Friend.tech was targeted by a spate of SIM swapping attacks and a massive data leak.
Still since launching yesterday the FRIEND token has found its home quickly within the $2.40 to $3.20 range. Although it’s still early days yet, it looks like the holders who wanted to cash out at launch have done so. This means that FRIEND is likely to now track price movements in the wider market.
And those movements are looking optimistic after a recent bearish spell that sank the price of Bitcoin to under $60k last week. The world’s favorite cryptocurrency is back trading at $64,090, which is roughly the same price it was this time last week, but a
Read more on cryptonews.com
