The native token of Web3 social network Friend.tech experienced a dramatic price increase, rising more than 1,500% following a buyout proposal. The offer, valued at $1 million, came from Machi Big Brother, the trading pseudonym of Jeffrey Huang, a high-profile trader known for leveraged positions in cryptocurrency markets.
Friend.tech launched on the Base blockchain in 2023 and began token trading in May 2024, when FRIEND reached an all-time high of $3.26 on May 3, 2024. However, the platform faced significant challenges as the original development team transferred administrative and ownership parameters to a null address roughly 2 years prior to this announcement. The broader social finance sector experienced user attrition through late 2024, with Friend.tech joining competitors like Farcaster and Lens in losing participants.
The token’s value deteriorated substantially, hitting an all-time low of $0.00002225 in July 2026 before Thursday’s rally pushed the price to approximately $0.051. This surge resulted in the token’s market capitalization increasing to $4.89 million from under $300,000, while 24-hour trading volume reached $5,627,502, representing a 100,823.30% increase from the previous day.
Huang’s buyout proposal specified a narrow scope, stating he only required the X account and URL associated with the platform. The trader has demonstrated significant financial exposure to FRIEND, having previously purchased 11 million tokens and experiencing substantial losses on the position. On-chain data indicated he had transferred all 11 million tokens to a specific wallet five days prior to announcing the bid. Huang maintains an aggressive trading portfolio featuring a 24,100 ETH long position at 25x leverage, a 499 BTC long at 40x leverage, and a 199,000 HYPE long at 10x leverage, with combined notional exposure approaching $117 million.
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