Friend.tech Whale sells airdrop tokens, shakes the market
Key Takeaways
- The largest Friend.tech airdrop recipient, “Murphys1d”, dumped 55,000 tokens within hours of the airdrop, resulting in a 56.8% price drop.
- Due to a technical glitch, tokens cannot be claimed by legitimate recipients.
- According to Andy Lian, a positive outcome of this token dump is that it could lead to a more decentralized distribution of tokens.
“Murphys1d,” the largest recipient of the Friend.tech airdrop, More than 55,000 FRIEND tokens were sold within hours of the May 3 airdrop.
this Token price fell 56.8%. The value at the time of this writing is $1.16.
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Technical issues also added to the problem. Some legitimate recipients have been blocked from claiming tokens.
Cryptocurrency investor Luke Martin shared his frustration. on social mediaword :
I watched the value of my airdrop go from 7 figures to 5 figures in 2 hours while I kept refreshing the page trying to claim it…still can’t claim it. Meanwhile I have to watch this guy drain money while my wallet is still full. Adding insult to injury.
Despite these challenges, there are potentially positive outcomes from this token dump. Blockchain expert Anny Lian suggested: The sale may cause a short-term downside, but it could also lead to a decentralized distribution of the tokens. adding:
The wider the scope of deployment, the less risk a single entity will have too much control over the project.
Ryan also admitted it. The future of the token will largely depend on the continued trust of the community and the management team’s response to the situation.
This incident highlights the following: airdrop farmer problem, They often join the platform just to receive airdrops and create multiple accounts to maximize their profits.
While the Friend.tech team struggles to resolve these issues, the community awaits how they will address both the technical hurdles blocking token claims and the broader implications of this market disruption.
EigenLayer, the Ethereum re-staking protocol, also recently dealt with issues related to the airdrop of the native EIGEN token. Due to community backlash, the protocol decided to increase the airdrop to approximately 28 million tokens.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
Aaron is the go-to guy for all things digital currency-related. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
