FRIEND Token Skyrockets After Machi Big Brother's $1 Million Buyout Proposal
The cryptocurrency FRIEND has seen a massive surge in price and trading activity after Machi Big Brother proposed a $1 million buyout of Friend.Tech, the project behind the token. The proposal was made on August 27, offering to acquire the stalled project from Racer and Paradigm and relaunch the FRIEND token.
The move sent the price of FRIEND sharply higher, with trading volume surging nearly 95,000% in 24 hours as traders rushed back into the dormant token. The price increased by over 1,600%, pushing it to near $0.06 from a low of $0.0025 during the previous 24 hours.
Machi's offer comes with a personal history involving FRIEND, having previously spent about 5,200 ETH (worth $16.7 million at the time) to acquire around 11 million FRIEND tokens. Those tokens were worth only $500,000 when Lookonchain posted, leaving Machi with a loss exceeding $16 million.