The decentralized social community Pal.tech, launched in August 2023, is dealing with a major 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 issues in regards to the growth, highlighting points with token claiming and app performance.
Traders Hit Exhausting 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, in response to DexScreener knowledge, leaving many traders pissed off.
The airdrop course of, which aimed to distribute tokens to the group, 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 consumer even accused a distinguished determine of orchestrating a rug pull, additional fueling the group’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 might rise sooner or later, emphasizing that market sentiment might change as soon as customers begin to see returns on their investments.
Nevertheless, issues 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 group’s focus was misplaced throughout growth. Hypothesis arose relating to whether or not the group 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,” acknowledged the next in help 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. suppose 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 group 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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