Updated September 22nd, 1:31pm UTC: This article has been updated to include a quote from Nicolai Sondergaard, research analyst at Nansen, Crypto Intelligence Platform.
Large cryptocurrency investors, or whales, are cashing in from their native tokens on Hyperliquid as concerns rises with the best upcoming schedule that could unlock supply worth around $11 billion.
The whale wallet “0x316F” withdrew $122 million worth of high lipid (hype) tokens on Monday.
According to blockchain data platform Lookonchain, the whale sat on an unrealized profit of around $90 million nine months after purchasing the token.
The sale will be on sale as the hype token was repeated at a new all-time high of $59.29 on Thursday, but it faces the first major test in November when team tokens start their best.
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According to The Hyper Foundation, 23.8% of the total supply allocated to core contributors will begin unlocking on November 29th, a year after the project’s Genesis event.
Best Schedule will distribute hype tokens of approximately $11.9 billion in 24 months for the team. This could be the “first true test” of token resilience.
That’s what’s called the “Damocles Sword” moment, which introduces monthly unlock worth about $500 million, of which about 17% will be absorbed into buybacks, leaving around $410 million with potential supply overhangs.
According to Nicolai Sondergaard, research analyst at Crypto Intelligence Platform Nansen, “Unlocking tokens can generally put some sales pressure on them.
Sondergaard noted that not all recipients will sell, and some people hold tokens indicating trust in the project.
“There is some selling pressure possible when it comes to unlocking events, but the actual outcome depends on the response of both the team and token holders.”
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Hayes sells hype stash for Ferrari ahead of their best schedule
Maelstrom’s research came out shortly after Hayes sold all the hype tokens.
“I’ll have to pay my deposit to the new Rari 849 Testarossa,” Hayes said Sunday.
The other whales appeared to be moving to Aster, an emerging competitor of Hyperliquid, a decentralized permanent exchange associated with Binance co-founder Changpeng Zhao.
On Monday, the whale’s address, “0x220,” purchased $10.5 million worth of Aster Token in two wallets, and currently holds unrealized profits of more than $6 million, Lookonchain said in Monday’s X-Post.
Last week, Aster Token rose more than 1,700%, becoming the fourth largest DEX token in the industry with a market capitalization of $2.5 billion.
According to CoinmarketCap data, the hype token fell 7.9% over the same period, trading at $49.34 at the time of writing.
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