$FRIEND Token Plummets Over 95% Amid Investor Sell-Off and $50M+ Collected

The cryptocurrency token $FRIEND has experienced a significant decline, dropping over 95% in value. Major influencers and investors, including Machi who still holds over 9% of the supply, have been selling their holdings. Racer, who raised funds from Paradigm to monetize social interactions on Crypto Twitter, launched the token which subsequently plummeted, leading him to delete his account. Paradigm, which collected over $40 million in fees and transferred funds to Coinbase, has provided no updates on the project. The situation has left many investors questioning whether the decline was due to short-term greed, incompetence in product development, or poor communication. Despite initial promises of SocialFi being the future and $FRIEND reaching a $1 billion valuation, the token's performance has disappointed many holders, with over $50M+ raked in.