$HYPE Why has the price continued to drift down as tokens are distributed despite major positive news? Who bought in near the top?
At the end of last month, ICE, the parent company of the NYSE, joined forces with XYZ to bring Hype contracts to the U.S. market. In theory, this narrative should have continued to drive the price higher, especially as the protocol becomes increasingly profitable and continues to buy back and burn tokens.
But it seems that some large investors used the liquidity brought by this wave of positive news to distribute at higher prices [though that doesn’t mean everyone was selling]. The bigger factors were the token unlock at the end of the month and early holders cashing out their gains. The broader market has also been weak, leading to a short-term pullback. The long-term outlook is still very positive: a quality project is worth giving time to consolidate and shake out weak hands.
#hype
At the end of last month, ICE, the parent company of the NYSE, joined forces with XYZ to bring Hype contracts to the U.S. market. In theory, this narrative should have continued to drive the price higher, especially as the protocol becomes increasingly profitable and continues to buy back and burn tokens.
But it seems that some large investors used the liquidity brought by this wave of positive news to distribute at higher prices [though that doesn’t mean everyone was selling]. The bigger factors were the token unlock at the end of the month and early holders cashing out their gains. The broader market has also been weak, leading to a short-term pullback. The long-term outlook is still very positive: a quality project is worth giving time to consolidate and shake out weak hands.
#hype
