“Founder of Friend.tech Hints at Departure from Base, FRIEND Token Plummets Over 20%; Top Buyer ‘Brother of the Buyer’ Suffers Nearly 50% Losses”

"Founder of Friend.tech Hints at Departure from Base, FRIEND Token Plummets Over 20%; Top Buyer 'Brother of the Buyer' Suffers Nearly 50% Losses"

"Founder of Friend.tech Hints at Departure from Base, FRIEND Token Plummets Over 20%; Top Buyer 'Brother of the Buyer' Suffers Nearly 50% Losses"

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Friend.tech Founder Hints at Leaving Base
Friend.tech, a Web3 social network, co-founder Racer publicly expressed his intention to leave the Base network on a community platform today. He wrote on X:

Furthermore, Racer further added that the relationship between Friend.tech and Base has always been unstable. In another post, he pointed out that investors of Farcaster, another social protocol based on Base, had greatly slandered Friend.tech at the time of its launch due to a misunderstanding of their practices. They exerted significant pressure on their team and users. Since then, the relationship between Friend.tech and the Base community has been deteriorating.

In response, Jesse Pollak, the head of Base network at Coinbase, also posted and acknowledged that the Friend.tech team feels isolated from the Base and Ethereum ecosystem.

Following the news, the native token FRIEND experienced a significant decline, falling below $1. At the time of writing this article, it has rebounded to $1.01. Since its issuance, the price of the FRIEND token has been consistently declining, resulting in significant losses for many buyers who bought in at a lower price and joined the liquidity pool.

According to data shared by blockchain analyst Yu Jian, the address of Huang Licheng, also known as “Big Brother Ma Ji,” has continuously bought FRIEND tokens since its launch. He has accumulated a total purchase of 4,873 ETH (approximately $15.35 million) at an average price of $1.9. Based on the current price of $1, it is estimated that Big Brother Ma Ji’s investment in FRIEND has incurred a floating loss of about 47%.