The team responsible for Hyperliquid, a decentralized exchange (DEX), revealed a token unlock of 1.75 million HYPE tokens designated for developers and core contributors this Saturday, valued at over $60.4 million.

Previously announced, this token unlock is part of HYPE’s vesting schedule. Developer iliensinc expressed excitement on the anniversary of Hyperliquid’s major airdrop and token generation event, stating:

“For perspective, about 270 million tokens were fully unlocked on Nov 29, 2024, in the largest airdrop in history, measured in today’s market value at about $9.5 billion. There are no investor unlocks, as Hyperliquid never raised any external capital.”

The unlock led to concerns about potential selling pressure impacting HYPE’s market price, which dropped approximately 4.6% at the time of reporting. Hyperliquid’s airdrop and token generation event were pivotal moments in the crypto landscape, favoring a community-oriented model that rewards early adopters and users rather than traditional venture capitalists.

Hyperliquid’s Token Unlocks Anticipated

“Even if the team commits to not selling, that assurance holds no binding weight,” stated Arthur Hayes, founder of BitMEX and market analyst.

HYPE token holders should anticipate a likelihood of daily selling pressure, already priced into the market, reflecting HYPE’s downturn since September, Hayes noted.

The token’s value has plummeted about 42% from its peak of approximately $59.40 in September, trading significantly below its 200-day moving average, a key support point.

During a historic market crash in October, which drastically affected several altcoins, HYPE fell around 54% in a single day but quickly recovered to a $40 level within two days.

Crypto industry leaders have acknowledged Hyperliquid for achieving remarkable revenue, managing over $330 billion in monthly trading volume with a compact team.

Related: Trader burns $3M in an effort to inflict a $5M loss on Hyperliquid’s vault