Machi Big Brother Loses $16 Million in FRIEND Token Investment as Market Volatility Continues to Plague the Cryptocurrency Industry

The unpredictable nature of the cryptocurrency market has led to substantial losses for another prominent figure. Machi Big Brother, a well-known influencer

Prominent influencer and Ethereum advocate Machi Big Brother has suffered substantial losses on his investments in the ERC-20 token FRIEND, according to on-chain analysis by Lookonchain.

The analysis reveals that Machi, who has a large following on X, lost more than $16 million as the token's price plummeted by over 90%.

"Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M!

He lost ~$16M on $FRIEND!https://t.co/j5UByo1LAf pic.twitter.com/4c5oQPNH62"

Machi had initially purchased approximately 11.1 million FRIEND tokens for a total cost of 5,200 ETH, valued at $16.7 million at the time of purchase.

However, the token's price experienced a sharp 26% decline over 24 hours, dropping to $0.05927 per token. As a result, the value of Machi's tokens decreased significantly to around $0.7 million, leading to a substantial loss of $16 million.

The rapid devaluation of FRIEND has added Machi to a growing list of crypto traders who have faced harsh outcomes in the volatile market.

This marks the second time that Machi has incurred major losses in his FRIEND token investments.

As previously reported by Lookonchain, Machi encountered a 50% loss on his initial investment in the same token earlier this year.

According to the analysis, Machi began accumulating FRIEND tokens on May 8th, acquiring 8.6 million tokens at an average price of $1.81 each. This early investment amounted to approximately 4,975 ETH, valued at $15.6 million at the time.

However, within 30 days, the token's price plummeted by 60%, causing Machi's holdings to lose significant value. By the end of June, his position had dropped to just $6.95 million, marking a loss of $8.65 million in just over a month.

These instances of heavy losses in FRIEND tokens highlight the volatile nature of speculative crypto investments.

Meanwhile, FRIEND is currently trading at $0.06114, showing poor performance in both daily and weekly markets. In the last 24 hours, the token has fallen by 22.35%, and over the past week, it has experienced a total decline of 49.32%.

The token's total trading volume in the last day reached $333,564, further illustrating the token's present struggles in the highly volatile crypto space.