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Friend.Tech Airdrop Crashes After Whale Dumps Tokens

Friend.tech, the popular Web3 social platform, has found itself in hot water due to a surprising turn of events: the platform’s biggest airdrop recipient, known as “Murphys1d,” wasted no time in selling off all received tokens just hours after the airdrop began.

The sudden and significant sell-off by this key player has sparked concerns about the fairness of the airdrop process and the potential manipulation of token prices. Meanwhile, users faced challenges in claiming their allotted tokens, intensifying the brewing controversy.

The Murphys1d Effect

Blockchain data reveals the staggering scale of the situation: “Murphys1d” scooped up the lion’s share of FRIEND tokens during the airdrop frenzy, only to swiftly unload over 55,000 tokens into the market. The consequences were immediate and profound.

In the blink of an eye, the market experienced a seismic shift, with FRIEND tokens plummeting by an alarming 52.5%. What started as a promising launch at $3.26 quickly descended into chaos, hitting a low of $1.32 within just an hour of Murphys1d’s sell-off spree.

User Frustrations: What’s Going Wrong?

What led to more controversy and a heated market situation is that, while the whale secured the largest amount of FRIEND tokens, many users reported difficulties in claiming their airdrops. 

Crypto investor Luke Martin shared his frustration on X on May 3rd, stating,

“Watching the value of my airdrop go from 7 figures to 5 figures in the span of 2 hours while I keep refreshing the page trying to claim….still can’t claim.”

The impact of the whale’s massive sell-off was exacerbated more because other holders could not participate in the airdrop due to technical issues. 

Intergovernmental blockchain expert and author of “NFT: From Zero to Hero,” Anndy Lian weighed in on the situation, cautioning against knee-jerk reactions to market fluctuations.

“While it might cause a short-term dip in price due to increased supply and potential panic selling, it doesn’t always mean a long-term downtrend.” 

While acknowledging short-term turbulence, Lian highlighted the potential benefits of decentralization resulting from such sell-offs.

Airdrop Farming: The Dark Side

The mysterious “Murphys1d” epitomizes the shadowy realm of crypto: the airdrop farmer. These individuals exploit protocols for quick gains, exerting significant selling pressure and sowing panic among genuine investors.

In response to user outcry, Friend.tech vowed swift action to address the plummeting token prices. Rumors are rife about non-transferable tokens and revamped features set for the platform’s V2 launch, signaling a potential shift to curb airdrop farming and restore stability to the ecosystem.

Friend.Tech’s next move: Fix the airdrop fiasco or risk losing investor trust? The future of FRIEND tokens hangs in the balance.

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