Title: Whale Sparks Interest in Friend.tech as Token Price Surges by Over 100%
Friend.tech, a once-promising project that is now considered defunct, has seen a sudden surge in trading activity leading to a significant rise in the price of the FRIEND token by more than 100%. The recent aggressive trading has caught the attention of the crypto community, with many speculating on the reasons behind the sudden price increase.
The rise in the FRIEND token price is attributed to direct buying from well-known coin supporter Jeffrey Huang, also known as @machibigbrother. Huang’s actions have brought renewed attention to the protocol, as he has been influential in previous NFT collections, DAOs, and apps.
Despite the lack of organic activity, Huang’s buying spree has lifted the FRIEND market price to $0.42, up from $0.15 on Bunny Swap, the native Base market. The total amount of buy orders placed by Huang amounts to around $330K, indicating a significant investment in the token.
The reasons behind Huang’s buying activity remain uncertain, with some speculating that it could be driven by arbitrage opportunities on centralized exchanges where FRIEND trades at a premium. However, the token’s illiquidity poses challenges for realizing gains from arbitrage.
The surge in trading activity has also led to the formation of high-traffic wallet clusters, accounting for around 3% of the total FRIEND supply. Speculations are rife that the Friend.tech team may consider a crypto buyback and possibly relaunch the project or propose another utility for the token.
Despite the renewed interest in Friend.tech, the community remains skeptical, and the accounts of founder Racer are still locked. The token’s reputation was further tarnished by its association with crypto influencer Ansem, who promoted FRIEND but ended up with significant losses.
Huang’s accumulation of FRIEND tokens has sparked further speculation on the future of the protocol, which has seen a decline in content and celebrity interactions. Huang’s track record as an influential trader in other projects adds to the intrigue surrounding his involvement in Friend.tech.
The recent hints from Huang about restarting Friend.tech on Blast or Solana have added to the speculation surrounding the project’s future. The SocialFi sector, where Friend.tech once thrived, has slowed down, with Galxe emerging as a competitor focusing on ongoing quests.
Overall, the sudden surge in trading activity and price of the FRIEND token has reignited interest in the once-defunct project, raising questions about its potential revival and the motivations behind Huang’s buying activity.
By Hristina Vasileva, Cryptopolitan
Source: Cryptopolitan
