A $1m offer for friend.tech, an hour after the token moved 15x
Machi Big Brother offered $1m for friend.tech at 06:07 UTC, citing a market capitalisation under $300k. It had gone to $4.41m at 05:00.
friend.tech, the Base social app that let users trade "keys" in each other's accounts for access to private chats, is the subject of a public $1m buyout offer from the trader Machi Big Brother. He posted it at 06:07 UTC on 27 August, addressed to Racer, the project's pseudonymous founder, and to Paradigm, the venture firm that backed it. The offer cites a market capitalisation under $300k. By the time it went up, the token's market capitalisation was $5.31m.
The post reads, in full:
"Friendtech is trading at less than 300k market cap. I'm offering a 1 mil usd buyout offer to Racer and @paradigm. We can CTO relaunch $FRIEND."
The hour before
Hourly market capitalisation data puts FRIEND between $240k and $311k for the whole of 26 August. At 04:00 UTC on 27 August it was $292k. At 05:00 UTC it was $4.41m, a jump of about 15 times in one hour. At 06:00 UTC, the hour the post went up, it was $5.31m, which is the peak so far. The post was published at 06:07 UTC. Neither Racer nor Paradigm has responded publicly, and nothing published so far accounts for the 05:00 move.
What the offer is worth
The $1m is an offer for the project from Racer and Paradigm. It is not a bid for tokens on the open market, and holders are not being offered anything. Against the $292k the token held before 05:00, the sum was about 3.4 times the entire market capitalisation. Against the $3.93m the token carries now, it is 25% of it. CTO is a community takeover, where holders or an outside buyer take on a project the original team has stopped developing.
The token
FRIEND is an ERC-20 on Base, contract 0x0bd4887f7d41b35cd75dff9ffee2856106f86670, with a supply of 94,885,121 tokens, fully circulating. Market capitalisation and fully diluted valuation are therefore the same number. Twenty four hour volume is $4.39m and the 24 hour change is 1460%. The all-time high was $3.26 on 3 May 2024, which puts the token 98.7% below it.
Why anyone cares
friend.tech launched on Base in August 2023 and was one of the defining social experiments of that cycle, with users buying and selling keys priced on a bonding curve. Activity collapsed the following year and the market capitalisation spent 26 August in a band a quarter of a million dollars wide. The post has 287,800 views, around 1,000 likes and 205 replies as of 11:30 UTC.
What people are saying
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