Machi Big Brother's $1 Million Takeover Offer Sends FRIEND Token Soaring
A proposal from Machi Big Brother to acquire Friend.Tech for $1 million has sent the FRIEND token skyrocketing over 1,600% in 24 hours. On August 27, Machi offered Racer and Paradigm a buyout deal, citing that the project was trading at less than $300,000 in market capitalization before his offer.
Machi's proposal comes with a history of loss for him personally. He had previously spent around 5,200 ETH ($16.7 million) to acquire 11 million FRIEND tokens, only to see them lose value and leave him with losses exceeding $16 million.
The token's trading activity has increased significantly, with CoinGecko data showing FRIEND up more than 1,600% over 24 hours at the time of writing, with the token trading near $0.06. Trading volume had climbed to about $5.3 million over 24 hours, a 94,831% increase from the previous day.
Machi's offer raises questions about his motivations and whether he can bring the project back to life. Friend.Tech launched on Base in August 2023 but saw significant decline after its early success, with revenues falling dramatically and reported fees reaching as low as $71.