FRIEND Soars Over 1,500% on Machi Big Brother's $1M Friend.tech Buyout Offer

Web3 social network Friend.tech’s native token FRIEND surged more than 1,500% today. The rally followed a $1 million buyout offer from Machi Big Brother.

The proposal targets a social app whose original team relinquished control over its smart contracts roughly 2 years ago.  Why Is FRIEND Token Up Today? Friend.tech launched on Base in 2023 and peaked fast.

The platform’s token opened up for trading in May 2024.  FRIEND hit an all-time high of $3.26 on May 3, 2024, per CoinGecko.

BeInCrypto reported that in September, the founding team transferred the admin and ownership parameters to a null address.  The wider SocialFi sector had already thinned out by then. Farcaster, Lens, and Friend.tech all shed users through late 2024.