As of August 19, 2024, Ethereum (ETH) is trading at [2584] against Tether (USDT). Based on the provided chart, there are several technical indicators suggesting a potential bearish trend.
$ETH

Key observations:
Descending Triangle Pattern: The price action appears to be forming a descending triangle pattern, characterized by a series of lower lows and a horizontal resistance level. This pattern often signals a bearish breakdown.Resistance Levels: The 200-day moving average (MA) and the ascending trendline are acting as resistance levels.A break below these levels could further strengthen the bearish outlook.Relative Strength Index (RSI): The RSI is currently hovering near the oversold zone, suggesting that the price might be due for a rebound. However, a prolonged stay in the oversold zone could indicate continued selling pressure.Volume: A decline in trading volume could accompany a breakdown from the descending triangle, indicating a lack of buying interest.
While these technical indicators point towards a potential bearish scenario
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Community Outrage:
- Unfair airdrop disqualifications
- Months of grinding deemed worthless
- Focus shifted to key collection, disregarding player effort
- Locked tokens deemed insufficient
Consequences:
- Players consider uninstalling
- Community demands fair review process for disqualified accounts
- Trust rebuilding essential
Price Projections (Post-Listing):
- $0.0005 (bearish)
- $0.001 (cautious)
- $0.01 (neutral)
- $0.05 (bullish)
- $0.10 (optimistic)
- $0.50 (very optimistic)
- $1 (extremely optimistic)
Action Items for Hamster Kombat:
1. Address community concerns
2. Implement fair review process
3. Rebuild trust
4. Improve communication
Future Outlook:
Hamster Kombat's success hinges on resolving these issues. Failure to address community concerns may lead to:
- Decreased player retention
- Negative reviews
- Reduced investment interest
#HamsterKombat #AirdropControversy #DOGSONBINANCE #cryptocurrencyearn #Gaming

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Introduction

In the midst of significant capital outflows in the cryptocurrency market, certain tokens have experienced notable price declines, leaving many investors with substantial losses. One such case involves the pseudonymous cryptocurrency influencer Machi Big Brother, who has reportedly incurred losses amounting to millions of dollars due to a high-stakes investment.

Contents
1. Massive Losses from FRIEND Token Investment
2. Factors Behind the Decline of FRIEND
3. Concerns Regarding FRIEND's Future Sustainability

1. Massive Losses from FRIEND Token Investment

According to an analysis by Lookonchain, shared in a post on X on September 9, Machi Big Brother's investment in the SocialFi project Friend. Tech (FRIEND) has led to staggering losses of $16 million. Although the precise timing of the initial investment remains undisclosed, it is noted that the influencer spent around 5,200 ETH, equivalent to $16.7 million, to acquire 11.1 million FRIEND tokens. However, due to an ongoing sell-off of FRIEND, on-chain data indicates that the value of this investment has plummeted to just $0.7 million.

This loss is not an isolated incident for the influencer; back in June, it was reported that Machi Big Brother began purchasing FRIEND tokens in early May. By June 8, his total expenditure on FRIEND had reached $15.6 million, reflecting losses of $7.9 million at that time.

2. Factors Behind the Decline of FRIEND

The decline of the ERC-20 token can be attributed to several decisions made by the Friend.Tech team. Notably, the team decided to abandon their control over the smart contracts, which implies a cessation of operations within a year of the platform’s launch.

On September 8, management transferred control of their smart contracts to the Ethereum (ETH) null address, effectively signaling a complete shutdown. This move means that Friend.Tech will no longer be able to perform essential tasks, such as fixing bugs or enhancing features on the platform. The platform was initially designed to enable users to buy and sell shares of social media profiles.
As of the latest update, FRIEND is trading at $0.0619, reflecting a 52% loss within a single day and an alarming 80% decline on the weekly chart.

3. Concerns Regarding FRIEND's Future Sustainability

The losses experienced by Machi Big Brother underscore the inherent volatility in the cryptocurrency market and the critical importance of conducting thorough research prior to making investments.

In the case of Friend. Tech, the centralization of control appears to be a significant factor contributing to its current predicament. The absence of a community-driven narrative may have influenced the decision to relinquish control over the smart contracts.
Some market participants are even drawing parallels to a rug pull, given that the project was backed by venture capitalists. Ultimately, the question remains whether FRIEND can recover with community support or if it will continue to face ongoing losses.

Conclusion and Final Thoughts

The substantial losses incurred by Machi Big Brother demonstrate the high-risk nature of cryptocurrency investments, particularly in volatile markets. The decline of FRIEND serves as a cautionary tale for investors, emphasizing the need for diligent research and an understanding of the underlying dynamics of the projects they invest in. As the cryptocurrency landscape evolves, it will be crucial to monitor how FRIEND navigates its current challenges and whether it can regain traction in the market.