Phaver has ceased operations, and the token price has fallen 99% since the TGE.

ForesightNews · 2025-04-06T02:08:18+00:00

DeFi researcher Ignas reported that the social media application Phaver has ceased operations, and its token price has fallen by 99% since the TGE in September 2024. Reasons for the shutdown include technical issues with the TGE and airdrop, high costs of CEX listings, and market sentiment being too low to sell tokens. Former team members are developing SocialDAO, hoping to find new use cases for the SOCIAL token. Phaver also needs to pay 1 to 2 months of employee severance costs.

ForesightNews

2025-04-06 02:08:18

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According to Foresight News, DeFi researcher Ignas stated that the social media application Phaver has ceased operations, and its Token price has fallen by 99% since the TGE in September 2024. Members of the Phaver team indicated that there were technical issues with the TGE and Airdrop, which prevented users from receiving their funds in a timely manner, leading to fear, uncertainty and doubt (FUD); secondly, Phaver paid over $1 million in fees to launch on 5 CEXs; thirdly, due to the sluggish market sentiment, the team did not sell Tokens at the TGE, resulting in insufficient operational 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 uses for the SOCIAL Token.

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