Phaver has ceased operations, and the token price has dropped by 99% since the TGE

ChainCatcher news, according to DeFi researcher Ignas, the social media application Phaver has ceased operations, and its token price has dropped by 99% since the TGE in September 2024. Phaver team members stated that first, there were technical issues with the TGE and airdrop, which prevented users from claiming their tokens in a timely manner, leading to FUD; second, Phaver incurred over $1 million in fees to launch on 5 CEXs; third, due to a bearish market sentiment, the team did not sell tokens at the TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay employees 1 to 2 months of severance pay.

Some former team members are developing SocialDAO to seek new use cases for the SOCIAL token.