Tech
Friend Tech Sees Sharp Drop Despite Daily Gains, Major Investors Face Losses
Despite a 10% increase in value today, Technical friend has seen a significant decline over the past month, falling 57% in the past 30 days and 21% in the past week.
On-chain reports from data tracking platform Lookonchain reveal that popular investor Machi Big Brother (@machibigbrother) has been actively purchasing $FRIEND tokens since May 3.
Machi Big Brother invested a whopping 4,975 ETH ($15.6 million) to acquire 8.6 million $FRIEND tokens at an average price of $1.81 each.
However, at $FRIEND’s current price, it has suffered a loss of $7.9 million, highlighting the volatile nature of the cryptocurrency market.
Big Brother Machi (@machibigbrother) he bought $FRIEND from May 3rd
He spent 4,975 $ETH($15.6 million) to buy 8.6 million $FRIEND at an average price of $1.81.
At the current price, it has lost $7.9 million $FRIEND!https://t.co/j5UByo2jpN pic.twitter.com/tiew7f377A
—Lookonchain (@lookonchain) June 8, 2024
In a strategic move to strengthen its ecosystem, Friend Tech recently announced a partnership with Conduit (@conduitxyz) on X.
This collaboration focuses on Friendchain, Friend Tech’s blockchain, which will use $FRIEND as a fully transferable gas token. This development aims to improve the usefulness and adoption of $FRIEND within its network.
We are happy to work with @conduitxyz on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you updated with all the information you’ll need over the coming months as we build this exciting new chapter. pic.twitter.com/HRa26vfFEX
— amica.tech (@friendtech) June 8, 2024
While the recent partnership announcement provided a slight boost to Friend Tech’s value, the significant losses suffered by major investors like Machi Big Brother highlight the challenges and risks inherent in the crypto space.
The market will be closely watching the impact of this partnership on Friend Tech’s performance in the coming months and whether it can reverse the downward trend seen in recent weeks.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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