Popular crypto investor acquires FRIEND token amid recent price controversy

• Renowned crypto investor and NFT enthusiast Machi Big Brother recently exchanged 661 ETH to acquire FRIEND tokens.
• Machi now holds 2.9 million FRIEND tokens, amounting to $5.05 million.
• FRIEND saw a massive decline days ago after its airdrop launch, declining by 98%.

Jeffrey Huang, popularly known as Machi Big Brother, has invested a total of $5.05 million in Friend.tech's FRIEND token following his latest investment on Tuesday. FRIEND recently faced harsh criticism for its massive price decline after its v2 airdrop.

Also read: Friend.tech stirs controversy as FRIEND token goes live

Machi Big Brother invests in FRIEND

According to Lookonchain, renowned crypto investor and NFT enthusiast Machi Big Brother recently exchanged 661 ETH on Tuesday to acquire more FRIEND tokens.

The transaction was performed at a rate of $2.57 per FRIEND token, amounting to 798,157 $FRIEND tokens.

Machi had previously made the headlines when he invested 962 ETH ($3 million) to acquire 1.39 million worth of FRIEND tokens on May 6. Altogether, Machi now holds 2.9 million FRIEND tokens, amounting to $5.05 million. 

Read more: Friend.tech V2 release and speculation over potential airdrop pushes TVL above $40 million

Machi Big Brother is known for investing in several crypto projects, including Mithrll, a decentralized social media platform launched in 2017. He has also recently developed a memecoin, Bobaoppa, which is worth $36 million as of March 2024.

Friend.tech suffered a huge backlash on May 3 after launching FRIEND via its V2 airdrop. At launch, the FRIEND token was initially trading around $169. 

However, a major whale sold all of its tokens, causing a 50% drop in the token's price. FRIEND went downhill from there before finally settling just below $3.

Some of the major reasons for the decline includes users encountering challenges with its recently launched Club feature, and a heavy 1.5% fee on all token transfers.

Also read: SocialFi tokens rally as crypto influencers bring back Friend.tech

While some praised Friend.tech for its fair token launch, many were quick to criticize it for a smart contract issue that prevented some users from accessing their funds. Users lamented their airdropped tokens crashing before their eyes before they could access them.