Phaver has ceased operations and token prices have fallen by 99% since TGE

According to DeFi researcher Ignas, the social media application Phaver has ceased operations and its token price has fallen by 99% since TGE in September 2024, according to Foresight News. Phaver team members stated that firstly, there were technical issues with TGE and airdrops, which prevented users from receiving them in a timely manner, leading to FUD; Secondly, Phaver paid over $1 million in fees for the launch of 5 CEX platforms; Thirdly, due to the sluggish market sentiment, the team did not sell tokens during TGE, resulting in insufficient operating funds. As a Finnish company, Phaver also needs to pay employees for 1 to 2 months of severance pay. Some former team members are developing SocialDAO to seek new uses for the Socioal token.