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.

ChainCatcher news, according to Scopescan monitoring, the Upbit wallet address transferred 13.13 million HIFI to 6 different Binance deposit addresses in the past 24 hours, while the token price dropped by 30%. Currently, the Upbit wallet address still holds 65 million HIFI, accounting for about 70% of the circulating supply.