- Friend.tech has released a statement to clarify recent developments to its users.
- The platform has addressed circulating rumors.
- Friend.tech’s native token experienced a shift in response.
The popular decentralized social media platform Friend.tech has been at the center of industry chatter in recent days, with rumors swirling about a potential shutdown following a shuffle in its administration. The speculation sparked widespread concern among its user base, leading to a community backlash and a sharp decline in the value of its native token, FRIEND.
In response to the unrest, the platform has issued a statement to its user base.
“We Have No Plans to Discontinue:” Friend.tech
The Web3 platform Friend.tech has taken to its social media platform to address user concerns. In a September 9 statement, the platform dismissed speculation that it will discontinue operations.
Friend.tech clarified that the recent transfer of admin and ownership of its smart contracts to a null address, which raised concerns within the community, does not affect the platform’s functionality.
According to the platform, this move guarantees that the network cannot be altered or disrupted in the future, ensuring its continued stability.
The platform further stressed that the changes do not disrupt the operations of its web app, emphasizing that “Everything you know and use remains the same.”
In response to the statement, Friend.tech’s native FRIEND token experienced a notable surge.
FRIEND Token Surges 58%
Previously struggling with a major 31% decline in direct response to the FUD surrounding the Web3 platform, the FRIEND token recorded an uptick following Friend.tech’s assurances.
Within a four-hour period, the token rose approximately 58% from a previous trading range of $0.074 to $0.098. While FRIEND has since relinquished its gains to trade at a more moderate price of $0.089 at press time, the token still reflects a 23.4% uptick in the last 24 hours.
However, the volatility in FRIEND’s price highlights its susceptibility to rapid fluctuations. The ongoing rise and fall in its performance suggest challenges in maintaining gains, leaving its stability uncertain moving forward.
On the Flipside
- The broader community response to Friend.tech’s recent statement remains largely critical.
- An Ape Coin whale lost approximately $16 million to the FRIEND token dip.
- Friend.tech’s development team still retains access to the independent web client, which functions under the domain “friend.tech.”
Why This Matters
Friend.tech’s assurance of continued operations provides some relief amid the ongoing frenzy. However, the restrictions imposed by the recent administrative changes still raise uncertainty about its future.
Read here for more about efforts by the platform to restore user interest following a significant decline in activity earlier in the year:
Friend.tech Attempts to Revive Interest with Airdrop Teaser
The FBI has cautioned against the rising threat of crypto scams, read this article to learn some safety tips:
FBI Reveals $5.6B Crypto Scam Epidemic: Here’s How to Stay Safe
