Phaver, a decentralized social media app, has permanently shut down its operations, leaving users and investors in the wake of a dramatic price crash. The once promising project’s native token value plummeted by 99% since its Token Generation Event (TGE) in September 2024. 💰 📉 The failure was attributed to a combination of financial mismanagement and an unsuccessful CEX listing strategy. 💸 💥 Phaver spent over $1 million on listings across five centralized exchanges (CEXs), hoping for increased adoption, yet these efforts failed to generate revenue or sustain the platform’s operations. This ultimately led to the project’s demise as Phaver ran out of operating funds without any immediate token sales to support its development and maintenance. 🚫