Altcoin Price Drops After Founder's Announcement

The price of Friend.tech (FRIEND), one of the social media platforms in the Web3 ecosystem, dropped after the founder's statement.

The anonymous founder of the Friend.tech platform, known as Racer, announced that he will leave the Ethereum Layer-2 project called Base, founded by Coinbase.

“If you find a way to remove friendtech from Base without causing a big problem for users, and if we decide it will work, we will pay you $200,000,” Racer said.

Friend.tech's token, FRIEND, lost value by up to 20% after Racer's statements.

“I would be sad if the [Friendtech] team decided to leave Base, but I would respect whatever path they choose,” said Jesse Polak, who manages Coinbase's work on Base.