Well-known trader loses millions with this coin

The crypto market offers seemingly endless possibilities. While Bitcoin has initiated the revolution of the financial system and enables payments without a centralized banking system, crypto now means much more. In addition to successful blockchains such as Ethereum and Solana, which have their own coins, it is above all meme coins that have already produced numerous crypto millionaires. Price increases of tens of thousands of percent are not uncommon here. However, things can also be different, as the current example shows.

8 million dollars lost

Since all transactions are traceable on the blockchain and only the owners of the wallets are anonymous in most cases, it is also easy to determine what profits or losses someone is making. Machi Big Brother has over 100,000 followers on X and is therefore a big name in the crypto space. But that doesn’t necessarily mean that he is always right with his trades. He bought $FRIEND for 15.6 million USD. The value of these tokens has since fallen by almost 8 million USD, as Lookonchain reports.

According to Coinmarketcap, $FRIEND reached its all-time high of 3.14 USD a month ago. The coin is now trading at 0.80 USD. This underlines the volatility of the crypto market, where prices can quickly fall again once the initial euphoria has passed, despite an innovative project.

What is $FRIEND?

$FRIEND started off promisingly and Friend.tech launched a decentralized social token app that attracted a lot of attention right from the start. Here, creators can earn tokens when they provide content, with the more followers and reach you have, the more you earn. The market launch was a complete success and attracted hundreds of thousands of users straight away, but the initial hype quickly died down, which is also reflected in the price development. The developers recently announced the launch of their own blockchain, on which the $FRIEND token will also be used for gas fees, in order to potentially stabilize or drive up the price.

Well-known trader loses millions with this coin

However, the reactions to the announcement of the company’s own chain were not necessarily positive. The price did not really react either. Most users are asking themselves why Friend would need its own blockchain and whether another chain is really necessary. Machi Big Brother has not yet sold his holdings, which suggests that he is expecting the price to recover. Whether this will happen remains to be seen.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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