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

According to DeFi researcher Ignas, the social media app Phaver has stopped operating, and its token price has dropped by 99% since TGE in September 2024. According to Phaver team members, one is that there are technical problems with TGE and airdrops, which caused users to fail to collect in time, triggering FUD; the other is that Phaver paid more than $1 million for the launch of 5 CEX; the third is that due to low market sentiment, the team did not sell tokens at TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay employees for 1 to 2 months of severance.