Crypto News

Friend Tech Sees Sharp Decline Despite Daily Gain, Major Investor Faces Losses

Despite a 10% increase in value today, Friend Tech has faced a significant decline over the past month, dropping 57% in the last 30 days and 21% in the past week.

On-chain reports from data tracking platform Lookonchain reveal that prominent investor Machi Big Brother (@machibigbrother) has been actively purchasing $FRIEND tokens since May 3.

Machi Big Brother has invested a substantial 4,975 ETH ($15.6 million) to acquire 8.6 million $FRIEND tokens at an average price of $1.81 each.

However, with the current price of $FRIEND, he has incurred a loss of $7.9 million, highlighting the volatile nature of the cryptocurrency market.

In a strategic move to bolster its ecosystem, Friend Tech recently announced a partnership with Conduit (@conduitxyz) on X.

This collaboration focuses on Friendchain, Friend Tech’s own blockchain, which will use $FRIEND as a fully transferable gas token. This development aims to enhance the utility and adoption of $FRIEND within its network.

While the recent partnership announcement has provided a slight boost to Friend Tech’s value, the significant losses faced by major investors like Machi Big Brother underscore the challenges and risks inherent in the crypto space.

The market will be closely watching how this partnership impacts Friend Tech’s performance in the coming months and whether it can reverse the downward trend observed in recent weeks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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