On Saturday, the team behind Hyperliquid’s decentralized exchange revealed a total of 1.75 millions HYPE tokens for developers and contributors. The value at this time was over $60.4 Million.
Saturday’s token unlocked was already announced as part of HYPE vesting schedule. according Hyperliquid’s developer iliensinc celebrated their first anniversary as a pseudonymous company. Hyperliquid’s historic airdrop He said: “It’s a token-generation event.” “He said:
“For perspective, about 270 million tokens were fully unlocked on Nov 29, 2024, in the largest airdrop in history, measured in today’s market value at about $9.5 billion. There are no investor unlocks, as Hyperliquid never raised any external capital.”
This has sparked fears about potential selling pressure HYPE’s stock price has fallen by 4.6% since this article was written.
Hyperliquid’s token and airdrop generation was seen as a groundbreaking debut in the cryptocurrency sector. changed product launchesBy promoting a model that rewards early adopters and developers as well as users instead of venture capitalists,.
Related: Trader torches $3M to punch a $5M hole in Hyperliquid’s vault
Hyperliquid’s token unlocked is already priced.
“Even if the team pinky swears to not sell, there is nothing holding them to that,” Arthur Hayes, founder and analyst of BitMEX cryptocurrency exchange. said.
Hayes said that HYPE holders should expect a daily pressure to sell their tokens, as the market has already priced this in. This is reflected by HYPE’s drop since September.
The price of HYPE is down by 42% since its September high, which was $59.40. It’s trading below the 200-day moving-average, a crucial support level.
On September 19, the HYPE began falling. historic market crash in October This has wiped out up to 95 percent of the value in certain altcoins.
The token dropped by 54% on a single trading day in the market crash of October 10, but recovered to $40 within a couple days.
Hyperliquid’s revenue generation capabilities and its ability to manage large volumes of transactions has been praised by analysts and executives in the crypto industry. $330 billion in monthly trading volume With a small team of developers.
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Source: cointelegraph.com
