HYPE loses $80 support as team distributions, institutional selling weigh on price — Details
Photo: AMBCrypto
Hyperliquid [HYPE] fell below the $80-mark, a week after reclaiming the level as support. In fact, institutions are continuing to sell the altcoin too. Even though the team has been countering the selling pressure through token burns. In the last 24 hours alone, HyperLabs distributed over 179K HYPE worth about $14.50 million to six team members’ wallets. The distribution was uneven, with these tokens unstaked about two days ago. These wallets are the ones to watch for potential selling pressure. However, the protocol's burn mechanism provided a counterweight to the new supply hitting the markets.
Source: AMBCrypto
