Key Takeaways
- FRIEND token’s worth dropped over 30% within the final 24 hours.
- Pal.tech transferred sensible contract management to a burn tackle, ending platform updates.
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Pal.tech’s FRIEND token has reached a new all-time low, dropping over 30% to $0.059 up to now 24 hours, CoinGecko’s knowledge exhibits. The drastic fall in worth comes after the crew deserted its sensible contract management, primarily ceasing operations only one 12 months after its profitable launch.
On September 8, the Pal.tech crew transferred management of their sensible contracts to the Ethereum null tackle, a recognized burn tackle, indicating a everlasting cessation of their management over the contracts. The transfer successfully ended the platform’s skill so as to add options or repair bugs.
Pal.tech claimed they locked the platform’s sensible contracts to “forestall any adjustments to their charges or performance sooner or later.” No additional statements have been issued following the transfer.
Launched in August final 12 months on Base, Pal.tech is a SocialFi platform enabling customers to purchase and promote shares of social media profiles. The challenge rapidly gained traction, attracting over 100,000 customers and incomes over $2 billion in income from charges shortly after its launch.
In June this 12 months, the crew introduced its plans to develop its personal blockchain, referred to as “Friendchain.” The choice stirred confusion about its future and negatively impacted the FRIEND token’s worth.
The challenge later eliminated its announcement of transferring away from Base. The crew mentioned in early July that they’d proceed utilizing the Base L2 community for the FRIEND token. With the announcement got here extra uncertainty, resulting in a 25% drop in FRIEND’s worth on the time, CoinGecko’s knowledge exhibits.
FRIEND’s market cap has crashed from round $233 million at launch to $5.6 million on the time of reporting.
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