The declines in the cryptocurrency market also cause traders with large positions to suffer huge losses. Finally, a Taiwanese crypto phenomenon known as Machi Big Brother, whose real name is Jeffrey Huang, lost $8 million of his $15 million investment.

The influencer, who has more than 164 thousand followers on social media platform X, has gradually bought FRIEND since May 3. With an average purchase of $1.81, he accumulated a total of 8.6 million FRIEND. In other words, he invested $15 million 600 thousand in FRIEND. Machi Big Brother’s investment left $6.5 million as a result of the token’s nearly 60% depreciation. The crypto phenomenon thus entered a loss of $8.5 million on paper.

FRIEND has been falling steadily for the last month. The cryptocurrency has lost 56 percent of its value since May 17. The price is hovering at $0.75 as of 01.50 p.m yesterday.

Friend.tech, which was launched on the Base network, drew the ire of some users last week after announcing that it would switch to its own blockchain, Friendchain. These users were skeptical of the decision, arguing that it was too early for the project to transition to its own blockchain. It is not yet clear when the transition will take place.