$HYPE Tokens Unlocked by Hyperlabs Raise Selling Pressure Concerns

Hyperlabs, the development team behind Hyperliquid, has stirred up controversy in the crypto market by unlocking and depositing $HYPE tokens to major exchanges. According to data from Lookonchain, a total of 433,025 HYPE tokens were unlocked, with a current value exceeding $23 million.

The move has raised concerns among market watchers as it could create additional selling pressure in the already volatile market. However, analysts suggest that the team may not have sold the tokens, as exchange deposits do not necessarily confirm a sale.

With the HYPE token supply increasing due to the unlocking of these tokens, some speculate that this could negatively impact the token's price movement. The development team has yet to provide further details on their intentions behind this move.