Crypto Influencer Ansem: “This Altcoin Resembles Solana’s Situation When It Was at $20 in 2023”

Ansem, a well-known figure in the cryptocurrency market, has offered a noteworthy assessment of the decentralized derivatives exchange Hyperliquid (HYPE).

Ansem stated that Hyperliquid’s current circulating market capitalization is similar to Solana’s market capitalization when it was trading at around $20 in October 2023.

According to Ansem, Solana surged from $20 to $200 in less than six months following that period. Today, the HYPE price has reached an all-time high, but considering the recent wave of FOMO (Fear of Missing Out), cryptocurrency followers should exercise extra caution regarding this altcoin.

Related News: Bloomberg Analyst James Seyffart Comments on the Reason Behind the ATH for the Hyperliquid (HYPE) and How Bitcoin Is Expected to Perform This Summer

On the other hand, on-chain data revealed noteworthy information regarding “loracle.hl,” one of the largest short position holders in the HYPE market. According to the statement, the investor’s short position on HYPE is not simply a short position, but rather a hedge against approximately 2.1 million HYPE tokens held. The total value of these assets is estimated to be around $127 million.

However, it was reported that after the HYPE price reached new highs, investors also started selling their spot assets. According to the data, loracle.hl transferred 557,000 HYPE tokens from the HyperEVM chain to the Hyperliquid network approximately 20 minutes ago. It was stated that these tokens, worth approximately $33.35 million, have entered the selling process.

*This is not investment advice.

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