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Token Plummets 30% After Smart Contract Control Transfer

10.09.2024 9:00 1 min. read Alexander Stefanov
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Token Plummets 30% After Smart Contract Control Transfer

FriendTech, a decentralized social network, experienced a significant 30% drop in its native token FRIEND on Monday.

The decline followed the platform’s decision to relinquish control over its smart contracts. This change, which involved transferring control to an Ethereum null address, has led to a negative impact on the token’s price.

According to a September 8 X post from FriendTech, the smart contracts were set to a null address to prevent future modifications.

However, this change does not affect the web client operating under “friend.tech,” and no fees are currently directed to the development team’s multisig wallet.

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The platform, launched on Coinbase-backed Base, now faces challenges with the possibility of no new features being added.

As a result, FRIEND’s price fell by 40% to around $0.07969. Additionally, daily transactions on the network have hit a yearly low, reflecting the token’s declining performance and overall bearish sentiment.

FriendTech Transactions drop

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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