Decentralized social media platform Good friend.tech — constructed on Coinbase layer-2 community Base — has introduced plans to develop its personal blockchain, Friendchain, however the determination to take action has left many customers to ask, “Why?”
“No hate, only a real query, What’s the worth proposition of a social-focused chain?,” crypto dealer Dr. Jojipup asked in reply to Good friend.tech’s June 8 announcement on X, explaining that it will likely be working with crypto infrastructure startup Conduit to launch its very personal blockchain. Good friend.tech added that it’s going to use its native token, Good friend (FRIEND), as a “totally transferable fuel token.”
“Why do you want a blockchain?” added pseudonymous crypto commentator ox0, whereas co-founder of gas-auditing agency Gaslite, Pop Punk, commented,“why.”
In the meantime, others voiced considerations about whether or not it will imply the fuel charges could be greater in comparison with these on Base — also known as a “low-cost” Ethereum (ETH) layer-2 answer.
Nevertheless, the announcement piqued merchants’ curiosity as Good friend’s value noticed a pointy spike shortly afterward.
The worth of Good friend skyrocketed after the announcement
Good friend jumped 64% inside 20 minutes of the announcement, reaching $1.31, earlier than rapidly dropping again to $0.89 throughout the hour, in response to CoinMarketCap data.
The numerous fluctuation within the value of Good friend comes only a month after riend.tech launched the token together with a significant airdrop.
Simply hours after the Friend.tech airdrop went live on May 3, the largest whale, generally known as “Murphys1d,” offered over 55,000 of the newly-issued Good friend tokens
Associated: Friend.tech revenue surges over 10,000 ETH, TVL tops 30,000 ETH
That very same day marked a file excessive for transactions on Good friend.tech, which had been stagnating considerably since its sturdy launch in August 2023.
Only a week after Good friend.tech launched, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap and the Bitcoin network.
Cointelegraph has reached out to Good friend.tech for remark however has not obtained a response by ttime of publication.
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