In a significant move that has sent shockwaves through the crypto community, Taiwanese music celebrity Jeffrey Huang, popularly known as Machi Big Brother, has divested all his holdings in Hyperliquid, incurring a staggering multimillion-dollar loss. The study highlights an alarming trend: the increasing volatility and risks associated with crypto investments.
Huang's Sale of Hyperliquid HYPE Tokens
Huang sold 258 million worth of Hyperliquid HYPE tokens, resulting in a total loss of 445 million after holding the tokens for several weeks. This drastic decision comes in light of increasing apprehensions regarding the token's upcoming vesting schedule, which is poised to release 119 billion HYPE tokens to team members.
Investor Concerns Over Token Supply
The timing of Huang's sale has raised significant concerns among investors about the token's capacity to handle the impending influx of supply. As the market braces for this substantial distribution, many are questioning whether Hyperliquid can maintain its value amidst such pressure.
As Hyperliquid continues to dominate the daily transaction fees leaderboard, it's important to recognize that other platforms are also making strides in the cryptocurrency space. Recently, Phemex has launched its Onchain Earn staking service, which simplifies the staking process for users and enhances engagement within the ecosystem. For more details on this exciting development, read our full article here.
