Good friend.tech’s FRIEND token has fallen to a file low after the group relinquished management of its sensible contracts.

Good friend.tech’s FRIEND token new CoinGecko has fallen greater than 30% previously 24 hours to $0.059. data It exhibits that the worth dropped sharply after the group relinquished management of the sensible contract. In essence The enterprise shut down only a 12 months after its profitable launch.

On September 8, the Good friend.tech group Transferred control of smart contracts The contract was modified to a null tackle in Ethereum (a identified burn tackle), signaling that management over the contract had been completely discontinued, successfully ending the platform’s potential so as to add options or repair bugs.

Good friend.tech claimed that it had locked the platform’s sensible contracts “to stop any future adjustments to charges or options.” No additional statements have been made for the reason that transfer.

Launched on Base in August final 12 months, Good friend.tech is a SocialFi platform that permits customers to purchase and promote shares of social media profiles. The undertaking shortly gained reputation, attracting over 100,000 customers and raking in over $2 billion in payment income shortly after launch.

In June of this 12 months, the group introduced plans to develop its personal blockchain known as “Friendchain,” a choice that has brought about confusion about its future and negatively impacted the worth of the FRIEND token.

The undertaking subsequently retracted its announcement of the migration from Base. The group stated in early July that it might proceed to make use of the Base L2 community for FRIEND tokens. The announcement created uncertainty and led to a 25% drop within the worth of FRIEND on the time, based on information from CoinGecko.

FRIEND’s market capitalization has fallen from roughly $233 million at launch to $5.6 million on the time of writing.

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