Social app Phaver shuts down due to running out of funds, token price drops by 99%

BlockBeats News, April 6th – According to DeFi researcher Ignas, social media app Phaver has ceased operations, and its token price has plummeted by 99% since its TGE in September 2024. Phaver team members stated that: first, there were technical issues with the TGE and airdrop, causing users to be unable to claim tokens promptly, leading to FUD; second, Phaver paid over $1 million in fees for listings on 5 CEXs; third, due to the bearish market sentiment, the team did not sell tokens during the TGE, resulting in insufficient operating funds.

As a Finnish company, Phaver also needs to pay 1 to 2 months of severance pay to employees. Some former team members are currently developing SocialDAO to explore new use cases for the SOCIAL token.