AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
The cryptocurrency market's inherent volatility has led to significant financial setbacks for a notable figure. Machi Big Brother, a prominent influencer and advocate for Ethereum [ETH] with a substantial following on X, is currently facing severe financial losses from holdings in the ERC-20 token FRIEND. According to Lookonchain, recent developments have resulted in a loss exceeding $16 million for Machi, attributable to a drastic 90% decline in FRIEND's price.
Major Losses in FRIEND Token Holdings
Machi Big Brother, who commands over 165,000 followers on X, initially committed substantial resources to FRIEND, acquiring tokens worth $11.1 million. This acquisition required the expenditure of approximately 5,200 ETH, valued at $16.7 million at the time. However, the value of FRIEND has recently fallen sharply by 26% in a single day, reducing its price to $0.05927 per token.
This dramatic drop has diminished Machi's holdings to about $0.7 million, resulting in a notable loss of $16 million. This situation underscores the growing list of individuals facing significant financial repercussions due to the cryptocurrency market's volatility.
Previous Financial Challenges with FRIEND Token
This is not the first instance of substantial losses for Machi Big Brother with FRIEND. In June, the influencer experienced a 50% decline on an earlier investment in the same token. Lookonchain data indicates that Machi began acquiring FRIEND tokens in early May, purchasing 8.6 million tokens at an average price of $1.81 each. This initial investment required about 4,975 ETH, valued at $15.6 million. Unfortunately, within a month, the token's price dropped by 60%, causing a marked devaluation of Machi’s holdings.
By the end of June, the value of Machi’s investment had fallen to $6.95 million, reflecting an $8.65 million loss within just over a month. This pattern highlights the speculative nature and inherent risks associated with cryptocurrency investments.
Current Market Situation for FRIEND Token
As of now, FRIEND continues to face market challenges. The token is trading at $0.06114, reflecting a significant decline in both daily and weekly performance. Over the past 24 hours, FRIEND has decreased by 22.35%, and in the past week, it has experienced a 49.32% drop. With a total trading volume of $333,564 in the last day, FRIEND’s market struggles persist amidst ongoing volatility.
