Jeffrey Huang Accumulates FRIEND Tokens Amid Speculations of Friend.tech Relaunch

Friend.tech (FRIEND) was among the most promising projects in 2023. In the past day, the FRIEND token turned into one of the biggest daily gainers.

Friend.tech (FRIEND) is up more than 100% in the past 24 hours, making it one of the biggest daily gainers. However, the token lacks any organic activity, and its price moves appear to be driven by direct buying from one of the well-known coin supporters, Jeffrey Huang.

Huang’s actions have drawn attention to the protocol, as he has been influential in previous NFT collections, DAOs, and applications.

The buying happened in several sessions since August 10th, only lifting the FRIEND market price to $0.15 on Bunny Swap, the native Base market.

There is no clear indication of the buying activity, except for Huang’s activity following mentions of restarting the protocol. The latest buy orders are only around $330K. Previously, Huang has also bought FRIEND despite a downward trend, realizing up to $15 million in losses.

At this point, it is unclear why anyone would be buying FRIEND, as the token trades at a premium on BitMart and other centralized exchanges, yet the token is extremely illiquid, presenting almost no possibility to realize gains from the arbitrage. Some of the centralized exchanges have FRIEND at $0.53, but with no known liquidity depth.

The activity on FRIEND is also reflected in the formation of high-traffic wallet clusters, as visualized by BubbleMaps. A total of three wallet clusters were present as of August 16th, making up around 3% of the total FRIEND supply.

The on-chain activity and DEX buying extended the speculations that the Friend.tech team would consider a crypto buyback and possibly relaunch the project or propose another utility for the token. However, the community remains highly skeptical, and the X accounts of founder Racer are still locked.

To worsen FRIEND’s reputation, it was one of the tokens heavily promoted by crypto influencer Ansem, ending up with one of the deepest losses among his top picks.

The token’s activity sparked speculations on why Huang seems to be accumulating more FRIEND. The underlying protocol is now driven mostly by automated activity, leaving only co-founder Racer and a handful of other large-scale players on the platform. Friend.tech has also declined in terms of content, as well as celebrity interactions.

Huang has been one of the most influential traders of ApeCoin (APE), and among the top 3 recipients of APE allocations in 2022. He also holds and promotes a collection of Bored Ape Yacht Club (BAYC) NFTs.

Huang’s APE holdings had an outsized effect on the market, after he sold off all wallets in April 2022. APE is currently trading near lows of $0.55, abandoning the yearly peak above $2.

Huang 繼續展示 BAYC 和 Mutant Ape Yacht Club (MAYC) NFT，其中一些具有好奇的交易弧。在最近的一篇文章中，Huang 展示了 Bored Ape #3562，儘管它甚至沒有罕見的功能，但一度以 430 ETH 的價格售出。

在關鍵購買疲勞之後，Friend.tech 的炒作放緩

就在幾天前，Huang 還暗示將在 Blast 或 Solana 上重啟 Friend.tech。目前，除了 Galxe 佔據了 Friend.tech 的利基市場外，整個 SocialFi 領域都陷入了停滯。

然而，Galxe 專注於持續的任務，而 Friend.tech 最終從社區中獲取價值。

Friend.tech 也是邀請更多名人和影響者進入加密貨幣的協議。該協議的主要特徵之一是密鑰，它是有影響力的人出售的特殊資產。

平台使用者購買金鑰來存取影響者的內容。這根據所有密鑰的累積價格為頂級帳戶提供了價值。

最終，社群厭倦了購買Keys，而平台上的影響者卻無法生產內容。該協議仍然存在一些針對 FRIEND 代幣的剩餘金鑰交易。

遷移協定會為現有的金鑰餘額和追蹤者分配帶來問題。

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