Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Cake Wallet Introduces PayJoin v2, Increasing Bitcoin Privacy For The Masses

27/05/2025

Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

27/05/2025

Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

27/05/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Cake Wallet Introduces PayJoin v2, Increasing Bitcoin Privacy For The Masses

    27/05/2025

    Bought the dip? Here’s how much you’d have if you invested $1,000 in Bitcoin in November 2022

    27/05/2025

    “It Could Turn Around Here in the Short Term”

    27/05/2025

    Crypto Trader Says 2021-Style Bitcoin Bull Market Peak Unlikely, Unveils Upside Target for BTC in Two Months

    27/05/2025

    Ethereum’s Pectra: Big Guide

    27/05/2025

    Ethereum price nears breakout as whale activity, chart pattern align

    27/05/2025

    Ethereum Smart Contract Deployments Surge to 2021 Highs—What It Means for Price

    27/05/2025

    Ethereum Surges 5% to Break $2,550 Resistance Amid Institutional Confidence

    26/05/2025

    Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

    27/05/2025

    Cardano Founder Says RLUSD May Join ADA But Strategy Hinges on Circle Acquisition

    27/05/2025

    Messari Report Highlights Which Is Driving Greater Institutional Adoption

    27/05/2025

    53,791,007 SHIB and 2,416.44% Surge in Just Hours – What’s Happening?

    27/05/2025

    Trump’s controversial memecoin dinner elicited mixed responses from attendees

    25/05/2025

    NFT sales drop to $129.8m, Avalanche sales surge 200%

    24/05/2025

    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

    23/05/2025

    BeraTone NFT Avatars Are Now Minting Live on OpenSea

    23/05/2025

    Cake Wallet Introduces PayJoin v2, Increasing Bitcoin Privacy For The Masses

    27/05/2025

    Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

    27/05/2025

    Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

    27/05/2025

    Bought the dip? Here’s how much you’d have if you invested $1,000 in Bitcoin in November 2022

    27/05/2025
  • Blockchain

    AI Shark Tank to feature Gloria AI this Wednesday, May 28

    27/05/2025

    Luffa and REI Network Partner to Reinvent Decentralized Communication in Web3

    27/05/2025

    HeLa Labs Partners with NoNoCoin to Streamline Crypto Accessibility Through Telegram

    27/05/2025

    OKX Wallet and Monad Partner to Deliver Seamless Access to Ultra-Fast dApps and Dev Tools

    26/05/2025

    SFT Protocol Collaborates with SlothsPepe to Boost Community-Focused Web3 Innovation

    26/05/2025
  • DeFi

    Mango Markets Attacker Has Conviction Overturned—Why?

    27/05/2025

    Injective and T-Mobile Are Building an On-Chain Future of Finance

    25/05/2025

    BugsCoin and OpenPad AI Partner to Transform Web3 Investment Education

    25/05/2025

    Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift?

    25/05/2025

    How to best leverage LSDFi?

    25/05/2025
  • Metaverse

    AI Responses Reveal Racial Patterning

    24/05/2025

    South Korean Actor Hwang Jung-eum Faces Backlash for Embezzling $3 Million to Buy Crypto

    20/05/2025

    Field Guide’ Short Film Using Generative AI

    15/05/2025

    Bitgert Partners DigiGoal to Launch ZK-Powered Sports Metaverse

    04/05/2025

    HAPE Social Partners with Decentraland to Bring Virtual Fashion at Metaverse Fashion Week

    06/04/2025
  • Regulation

    Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

    27/05/2025

    Acurast raises $5.4M to decentralize cloud computing using smartphones

    27/05/2025

    JUST IN! Binance’s Investment Arm Invested in a New Altcoin, the Price Jumped Huge!

    27/05/2025

    JUST IN: Donald Trump Makes New Move on Cryptocurrency: This Time It’s Big

    27/05/2025

    Circle Denies Plans to Sell Itself to Coinbase or Ripple

    27/05/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Civitai Turns to Crypto After Credit Card Processor Ban Over AI Explicit Content

    27/05/2025

    Air Arabia and Mbank Join Forces to Offer Digital Payments via AE Coin

    27/05/2025

    Coinbase Lists 8 New Cryptocurrencies: Details

    26/05/2025

    South Korean Exchange Suspends Withdrawals and Deposits

    26/05/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Blazpay Partners with Catton AI to Power the Future of Web3 Gaming

    27/05/2025

    Animoca Brands’ Yat Siu shares how crypto gaming could make a comeback

    27/05/2025

    DAC and PEPE GAMES Launch Cross-Platform Rewards to Reinvent Web3 Play

    26/05/2025

    ‘Off the Grid’ Coming to Steam, Ethereum’s ‘Ember Sword’ Shuts Down

    26/05/2025

    Pakistan to allocate 2000-MW electricity for Bitcoin mining

    25/05/2025

    Bitcoin harmful to the environment, or not? Opinions vary, truth is singular

    25/05/2025

    Russia Could Relocate Bitcoin Miners To Northern Regions: Report

    22/05/2025

    Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies

    22/05/2025

    XRP Lawsuit Not Settled, Declares Ex-SEC Attorney

    27/05/2025

    In Final Days of Senate Stablecoin Debate, Trump’s Crypto Ties to Remain in Spotlight

    27/05/2025

    Sam Bankman-Fried’s Prison Sentence Could be Cut by Over 4 Years: Business Insider

    27/05/2025

    SafeMoon CEO defense claims there was no conspiracy among execs

    26/05/2025

    Cake Wallet Introduces PayJoin v2, Increasing Bitcoin Privacy For The Masses

    27/05/2025

    Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

    27/05/2025

    Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

    27/05/2025

    Bought the dip? Here’s how much you’d have if you invested $1,000 in Bitcoin in November 2022

    27/05/2025
  • MarketCap
NBTC News
Home»Altcoins»It Decided to Shut Down Today as Altcoin’s Price Declined by 99 Percent
Altcoins

It Decided to Shut Down Today as Altcoin’s Price Declined by 99 Percent

NBTCBy NBTC17/04/2025No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


Phaver, a once promising decentralized social media platform, has officially ceased operations after its native token SOCIAL fell by over 99% since its Token Generation Event (TGE) in September 2024.

The abrupt shutdown erased months of community engagement and developer momentum. Phaver, which aimed to bridge the Lens and Farcaster ecosystems, once had 35,000 daily active users and over 800,000 downloads. At its peak, the app accounted for 50% of all Lens traffic and 20% of Farcaster traffic.

DeFi analyst Ignas shared his views on the platform’s collapse, citing a combination of strategic missteps and financial mismanagement:

“Yesterday I learned that Phaver was shutting down all social media,” Ignas wrote, adding, “I had high hopes for Phaver, which combines the Lens and Farcaster ecosystems.”

The platform’s token launch was marred by technical issues, including hours-long portal outages that prevented users from claiming tokens. The delays led to widespread FUD (fear, uncertainty, and doubt), undermining user trust from the outset.

According to Phaver team members, the project spent over $1 million to secure listings on five centralized exchanges (CEXs), including Bybit, KuCoin, and Gate.io. Despite this, trading volumes and liquidity failed to meet expectations.

The critical decision by the Phaver team not to sell tokens due to the already high FUD during the tokenization event resulted in a lack of operational funds. “It was a mistake,” said one former employee, adding that the decision left the team without sufficient resources to continue operations.

SOCIAL price has dropped 99% since its launch.

Phaver had raised $8 million at a valuation of around $80 million from major backers like Polygon Ventures and Nomad Capital. However, the financial loss ratio and poor treasury management proved fatal. As a Finnish company, Phaver was also legally required to pay its employees for the mandatory 1-2 month notice period following the closure announcement.

SOCIAL technically continues to trade on exchanges, but its value has fallen, shocking investors and users.

*This is not investment advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

27/05/2025

Cardano Founder Says RLUSD May Join ADA But Strategy Hinges on Circle Acquisition

27/05/2025

Messari Report Highlights Which Is Driving Greater Institutional Adoption

27/05/2025

53,791,007 SHIB and 2,416.44% Surge in Just Hours – What’s Happening?

27/05/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Cake Wallet Introduces PayJoin v2, Increasing Bitcoin Privacy For The Masses

27/05/2025

Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

27/05/2025

Wallets That Have Been Dormant for a Long Time Made Altcoin Transactions Today

27/05/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.