The decentralized social community Pal.tech, launched in August 2023, is dealing with a big setback as its native token, FRIEND, experiences a staggering 98.5% drop in worth.
Traders who participated within the current airdrop of FRIEND tokens have expressed critical considerations concerning the improvement, highlighting points with token claiming and app performance.
Traders Hit Arduous As FRIEND Token Crashes
Upon its debut, the FRIEND token entered the market with a buying and selling value of $169 per token, attracting 18,000 holders, and boasting a circulating provide of 14 million tokens.
Nevertheless, the present buying and selling value has plummeted to roughly $1.26, leading to a market cap of $27.7 million and liquidity of $5.4 million, based on DexScreener information, leaving many traders annoyed.
The airdrop course of, which aimed to distribute tokens to the neighborhood, has confronted its fair proportion of challenges. Customers on social media web site X (previously Twitter) expressed frustration over the declining worth of their airdropped tokens.
Some claimants skilled difficulties claiming their tokens, whereas others reported watching the worth of their holdings diminish considerably in hours.
One person even accused a outstanding determine of orchestrating a rug pull, additional fueling the neighborhood’s discontent.
DeFi Researcher Slams Pal.tech V2 Launch
Regardless of the present downturn, some crypto analysts predict a possible restoration for the FRIEND token. Notably, crypto analyst Daan Crypto Trades suggests that the token’s worth could rise sooner or later, emphasizing that market sentiment could change as soon as customers begin to see returns on their investments.
Nevertheless, considerations stay relating to the performance of the Pal.tech app, which skilled vital points throughout its preliminary weeks.
DeFi researcher DeFi Ignas expressed disappointment in Pal.tech’s V2 launch, describing it as a “large flop.” Ignas criticized the app’s usability points and questioned whether or not the workforce’s focus was misplaced throughout improvement. Hypothesis arose relating to whether or not the workforce intentionally orchestrated a value decline to immediate a subsequent surge in worth.
Regardless of this, the self-proclaimed primary creator on Pal.tech’s platform, utilizing the pseudonym “Captain Levi,” said the next in assist of the token:
The dump is brutal however truly wholesome as jeeters promote at closely discounted costs whereas actual customers haven’t even waken as much as the total potential of V2 and cash golf equipment given the app barely works. assume we already noticed backside and value ought to slowly recuperate as customers purchase golf equipment
As Pal.tech grapples with the challenges surrounding the FRIEND token, the crypto neighborhood eagerly awaits enhancements in app performance and a possible revival of the token’s worth.
Featured picture from Shutterstock, chart from TradingView.com
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