- Coinbase-powered Layer 2 Base chain hosts the social network Friend.Tech.
- Decentralization move by the devs is not taken well by the FRIEND community.
- Known ApeCoin whale Machi Big Brother spends $16.7M and is left with under $1M.
Friend.Tech, a popular Web3 social networking platform, has recently decided to renounce its smart contracts, making the network completely decentralized. By transferring the contract to a null address on Ethereum (ETH), the developers completely ditched the administration rights.
Decentralization Move Takes Dark Turn
This has sparked substantial angst among the platform’s users. While the move ensures that nothing on the platform is ever changed, it also raises the question of responsibility regarding its maintenance. Following the news, the social network’s native FRIEND token dipped 30.7%.
Trading at $0.21 on August 13, 2024, Friend.Tech slumped to $0.05748 today, hitting a critical all-time low. Bouncing back to $0.079 as of press time, FRIEND has a market cap of $7,909,702, while the trading volumes are tumbling below $1 million in 24 hours.
FRIEND Token Unfriends Whale’s Wallet
As the crypto bears are not taking a friendly approach towards the token, Machi Big Brother, a known ApeCoin (APE) whale and digital art enthusiast, has fallen victim to FRIEND’s downward spiral. With 83,583 holders on Base, the altcoin quickly gained traction due to its use for monetization in the Friend.Tech network.
Hosting 220,000 users, the native cryptocurrency hit an all-time high of $3.26 on May 03, 2024, and has since plunged more than 97%. Machi Big Brother bought into FRIEND, coming up to a $16.7M investment in 11.1M FRIEND tokens, now worth under $700K.
The considerable loss for Machi Big Brother comes after several attempts to breathe life into APE. After the NFT craze faded, the Bored Ape Yacht Club-inspired token tumbled to all-time lows.
Machi Big Brother also started his own meme coin, Boba Oppa (BOBAOPPA), which garnered $39 million for its launch on Solana (SOL).
Meanwhile, the primate-themed ApeCoin clings to the ApeChain development, which is set to use the BAYC community’s meme coin in various roles across Web3 apps and games.
Recently, ApeChain introduced The Blueprint, a master plan to simplify user navigation and make it easy for talented developers to introduce new decentralized applications (dApps) to the Platform. As of press time, according to CoinGecko, APE is changing hands at $0.73.
On the Flipside
- ApeCoin (APE) hit an all-time low of $0.482 on August 5, 2024, plummeting from a record peak of $26.70.
- Friend.Tech’s developer team still has access to the separate web client, which operates under the domain “friend.tech.”
Why This Matters
Decentralization puts the control in the community’s hands but also imposes several restrictions, as making changes to a Web3 application could become a hassle.
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