Meme Insider
Hey crypto folks! Ever heard of the FRIEND token on Base chain? If you're navigating the wild world of meme tokens, especially on Coinbase's Layer 2, Base, then you've probably stumbled upon it. Today, we're diving deep into the story of FRIEND – from its initial hype to its current status, and how you can use tools like GMGN.AI to stay ahead in the meme coin game.
So, what’s the deal with FRIEND? This token, symbolized as FRIEND, lives on the Base chain, a Layer 2 solution built by Coinbase to make Ethereum transactions faster and cheaper. FRIEND's token address is 0x0bd4887f7d41b35cd75dff9ffee2856106f86670, so you can easily track it on BaseScan.
FRIEND is actually linked to friend.tech, remember them? Back in August 2023, friend.tech was the talk of the town, becoming one of the first breakout projects on Base. Imagine a decentralized social network where users could buy "keys" (originally called "shares") of their favorite personalities. It was a novel way for creators to monetize their social juice, and it got people excited. Within its first month, friend.tech raked in over $2 million in revenue and over $33 million in net deposits, making waves as Base's first crypto star according to reports from ChainCatcher and BlockBeats.
By May 2024, friend.tech's protocol revenue hit a whopping 17,056.5 ETH – that's roughly $54.647 million at the time! They had attracted over 900,000 unique addresses, truly impressive numbers for an early project on a Layer 2, as highlighted by ChainCatcher and BlockBeats. Base itself is built using advanced roll-up tech, explained in detail by Ulam, which processes transactions off-chain before anchoring them to the Ethereum mainnet. This makes transactions faster and cheaper, which is crucial for social apps and meme tokens alike.
But, like many meme tokens, the hype didn't last forever. After that initial boom, friend.tech started to see a downturn. Things got a bit shaky when co-founder Racer hinted at moving friend.tech away from Base, citing feeling a bit unloved by the Base community – a sentiment picked up by crypto news outlets. This announcement in mid-2024 triggered a price drop for the FRIEND token, with a 32.2% plunge in 24 hours according to reports. User activity also took a hit. Daily users, which once peaked at over 100,000 shortly after launch, dwindled to less than 100 by July 2024. Ouch!
Despite the friend.tech rollercoaster, the Base chain itself kept growing. It’s become a major player in the Layer 2 space, even giving Solana a run for its money in market cap and user engagement, as noted by ChainCatcher and BlockBeats. This shows that even if a flagship project stumbles, the underlying ecosystem can still thrive – pretty resilient, right?
Now, let's talk about the FRIEND token itself. While it was initially intended for governance, fees, and exclusive content access on friend.tech, its market performance has been quite the ride. Total supply figures vary slightly depending on where you look, but one source lists it around 94.8 million tokens. It’s had a good number of holders, around 82,387 according to BaseScan trackers. However, you might see the price listed as $0.00 on BaseScan at times, which could indicate low liquidity, data glitches, or just outdated info. Always double-check!
Historically, FRIEND saw some serious volatility. We're talking about market cap fluctuations, peaking at around $274 million and then dropping by over 98% – meme token life, right? There was even talk of migrating to a custom blockchain called Friendchain, but the community vibe-checked that idea, and they decided to stay on Base. These kinds of events can really swing market sentiment and token prices.
Navigating this kind of volatility is where tools like GMGN.AI come in handy. GMGN.AI is a platform designed for tracking, analyzing, and even trading meme tokens across chains like Ethereum, Solana, Tron, Base, and Blast. If you're eyeing tokens like FRIEND, GMGN.AI can be your co-pilot.
What can GMGN.AI do for you? For starters, it offers smart money tracking. You can see what top investors are doing – always a good pulse check. They have automated trading features too, letting you automate buys and sells and even mirror successful wallet strategies. (Just a heads up, this feature might need you to link your Telegram via https://t.me/gmgnaibot?start=i_fV1R5sZ5). Security is key in meme coins, and GMGN.AI includes security checks to flag risks like honeypots or crazy high transaction taxes. Plus, it’s cross-chain compatible, so you can trade across different blockchains.
They keep it simple with fees – a flat 1% transaction fee, no hidden subscription costs. Their official site is https://gmgn.ai/?ref=fV1R5sZ5&chain=base. And for FRIEND token specifically, GMGN.AI has a dedicated page where you can dive into its performance and trading options: https://gmgn.ai/base/token/fV1R5sZ5_0x0bd4887f7d41b35cd75dff9ffee2856106f86670.
Why consider using GMGN.AI? Real-time insights are crucial in the meme coin world, and GMGN.AI provides instant analytics and alerts for new tokens. Risk management tools help you trade safer, and the comprehensive suite of features, from wallet analytics to cross-chain swaps, makes it a solid toolkit for navigating the meme token landscape.
In conclusion, the FRIEND token's story is a classic meme coin narrative – initial excitement, rapid growth, market corrections, and ongoing evolution. While friend.tech's journey has had its ups and downs, the Base chain has proven its staying power. For those looking to explore and trade meme tokens like FRIEND, platforms like GMGN.AI offer valuable tools and insights.
Disclaimer: Meme Insider provides information for educational purposes. Investing in meme tokens involves substantial risk, and users should conduct thorough due diligence before investing in any cryptocurrency.
