Friend.tech Denies Shutdown Rumors, FRIEND Token Surges 58%

The popular decentralized social media platform Friend.tech has been at the center of industry chatter in recent days, with rumors swirling about a potential shutdown following a shuffle in its administration.

Social media platform Friend.tech has responded to rumors about its potential shutdown with a statement reassuring users that the platform will continue to operate.

Recent administrative changes, including the transfer of admin and ownership of smart contracts to a null address, sparked concerns within the Friend.tech community. However, the platform has clarified that these changes do not affect the platform’s functionality.

“Admin and ownership parameters have been set to 0x000…000 to prevent any changes to their fees or functionality in the future. This change does not affect the separate web client operated at https://t.co/YOHabcBL3H which will continue to function as is. No fees from either…,” Friend.tech stated.

According to the platform, this move guarantees that the network cannot be altered or disrupted in the future, ensuring its continued stability.

The platform further stressed that the changes do not disrupt the operations of its web app, emphasizing that “Everything you know and use remains the same.”

In response to the statement, Friend.tech’s native FRIEND token experienced a notable surge.

FRIEND Token Surges 58% Having previously struggled with a major 31% decline in direct response to the FUD surrounding the Web3 platform, the FRIEND token recorded an uptick following Friend.tech’s assurances.

Within a four-hour period, the token rose approximately 58% from a previous trading range of $0.074 to $0.098. While FRIEND has since relinquished its gains to trade at a more moderate price of $0.089 at press time, the token still reflects a 23.4% uptick in the last 24 hours.

However, the volatility in FRIEND’s price highlights its susceptibility to rapid fluctuations. The ongoing rise and fall in its performance suggest challenges in maintaining gains, leaving its stability uncertain moving forward.