Pal.tech’s FRIEND token tanks to file low as staff abandons management of good contracts

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Pal.tech’s FRIEND token has reached a new all-time low, dropping over 30% to $0.059 prior to now 24 hours, CoinGecko’s knowledge reveals. The drastic fall in worth comes after the staff deserted its good contract management, basically ceasing operations only one yr after its profitable launch.

On September 8, the Pal.tech staff transferred management of their good contracts to the Ethereum null deal with, a identified burn deal with, indicating a everlasting cessation of their management over the contracts. The transfer successfully ended the platform’s capability so as to add options or repair bugs.

Pal.tech claimed they locked the platform’s good contracts to “stop any adjustments to their charges or performance sooner or later.” No additional statements have been issued following the transfer.

Launched in August final yr on Base, Pal.tech is a SocialFi platform enabling customers to purchase and promote shares of social media profiles. The challenge shortly gained traction, attracting over 100,000 customers and incomes over $2 billion in income from charges shortly after its launch.

In June this yr, the staff introduced its plans to develop its personal blockchain, known 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 staff mentioned in early July that they might 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 reveals.

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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