Friend.tech's airdrop of FRIEND token ends in disappointment

Friend.tech, a social media platform developed on the Ethereum (CRYPTO:ETH) blockchain, recently endeavored to mark the launch of its version 2 protocol through the distribution of its native token, FRIEND (CRYPTO:FRIEND), in what is commonly known as an airdrop.

The move, initially aimed at generating excitement and rewarding its user base, unexpectedly backfired.

The price of the FRIEND token took a sharp decline shortly after the airdrop event, leading to widespread dismay and frustration among the platform's users.

This episode serves as a stark reminder of the potential pitfalls and volatility inherent in the cryptocurrency market, highlighting the complexities and challenges faced by blockchain-based platforms attempting to incentivise and engage their communities.