The Friend.tech token reached a record low of $0.2973 due to market volatility.
Friend.tech has decided to stay on the Base Layer-2 network, retracting previous plans to launch its own chain.
While the global crypto market faces a downturn with Bitcoin (BTC) dropping to the $57,000 zone, Friend.tech (FRIEND) recorded a new all-time low.
Friend.tech (FRIEND) Price Chart (Source: CoinMarketCap )
According to the CoinMarketCap data, it dropped over 42.46% from the high of $0.4483 to the all-time low of $0.3062—a level not seen since its launch in August 2023. At the time of writing, FRIEND is trading 20% lower than yesterday’s levels, with a slight recovery to the $0.3557 range.
The market pressure comes as the decentralized social media platform Friend.tech has reversed its decision to migrate from the Base Layer-2 network, opting instead to keep its token and liquidity within the Coinbase-incubated platform.
Friend.tech, launched in August 2023, created both enthusiasm and skepticism. The platform aims to revolutionize social media by enabling influencers to monetize their influence through tradable “shares” of themselves. This innovation allowed influencers to earn fees whenever these shares were traded.
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