S3 Meme Coin Rises on Hype of Unconfirmed Hyperliquid Airdrop
The hype surrounding Hyperliquid's Season 3 airdrop has led to the rise of a Solana meme coin called S3, or Season 3. Machi Big Brother, a well-known figure in crypto, posted about the airdrop on Monday, framing it as a way to skip the wait for the Hyperliquid payout. He claimed that S3 pays 'HYPE' dividends to holders.
However, there are concerns that the coin is unconfirmed and lacks transparency. Machi Big Brother stated that he is not the developer behind S3, but rather a fan who has chosen to support it. The coin's price spiked early Tuesday, but quickly gave back most of its gains within hours.
The Hyperliquid protocol has been plagued by uncertainty, with many users left waiting for their payouts from Seasons 1 and 2. The Season 3 airdrop was never officially announced, and the rules for eligibility are still unclear. A total of 310 million HYPE tokens were released in the Genesis Event, but no further distributions have followed.
The S3 coin's price is currently around $84, despite its lack of transparency and thin liquidity. The HYPE pool carries about three-quarters of all S3 trading, with a depth of only $175,000. Total liquidity across every pool sits at near $500,000, and pools disagree on the price by more than 60%.