The native token of the Web3 social network Friend.tech, known as FRIEND, surged more than 1,500% following a $1 million buyout offer from high-profile trader Jeffrey Huang, also known as Machi Big Brother.
Friend.tech launched on Base in 2023 and introduced its token for trading in May 2024, reaching an all-time high of $3.26 on May 3, 2024. In September of that year, the founding team transferred the admin and ownership parameters to a null address, relinquishing control over its smart contracts. As the wider SocialFi sector experienced a decline in users, FRIEND continued to slide, eventually hitting an all-time low of $0.00002225 in July 2026.
Following Thursday's surge, the token traded near $0.051. Its market capitalization climbed to $4.89 million from under $300,000, while 24-hour trading volume reached $5,627,502.
The activity was catalyzed by Machi Big Brother's public offer on X to buy out Friend.tech for $1 million, stating that he specifically needed the X account and URL. Huang had previously acquired a significant position in the token, purchasing 11 million FRIEND for roughly 5,200 Ethereum, a holding that fell to about $500,000 after the token's collapse. According to Lookonchain, he had lost over $16 million on FRIEND, and on-chain data indicated he transferred all 11 million tokens to another wallet days prior to the bid.
Huang is known for holding large, highly leveraged positions across multiple assets. On-chain data trackers estimate his portfolio value at $12.06 million, with significant notional value tied to leveraged long positions in Ethereum, Bitcoin, and HYPE.
