Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Decentralized social platform Friend.Tech on Friday airdropped its native token, FRIEND, while unveiling version 2 of the platform, which is packed with new features, including the Money Club.
The token's price rose as high as $169 immediately after it began trading on Base before quickly collapsing to $2.5,last week," Hitesh Malviya, founder of crypto analytics platform DYOR, told CoinDesk. Liquidity refers to market's ability to absorb large buy and sell orders at stable prices. In a low liquidity environment, aThe new Money Club feature will facilitate an exclusive space for financial discussion and networking alongside a new point system.
"Most users got 10x less airdrop than what they were expecting, so they are not even claiming that airdrop, as its less than 200$ for most of the retail investors," Malviya told CoinDesk in a direct message on X."But at the same time few people ended up making crazy amount. So its a clear case of very concentred airdrop where leading creators took the most supply home through airdrop, leaving retail in disguise.
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