Golden Finance reported that Huang Licheng, a well-known figure in the cryptocurrency field and known as “Big Brother Ma Ji”, recently made a statement on the X platform, which has drawn market attention. He stated straightforwardly, “I hope there won’t be a second HYPE airdrop,” and pointed out that as long as all HYPE is destroyed, the current market capitalization will become the current FDV (fully diluted valuation). This view not only reflects his thoughts on the current state of HYPE tokens, but also stirs up ripples of discussion within the cryptocurrency community.
Since its launch, the HYPE token’s airdrop mechanism has always been an important part of its market operation. Through airdrops, project parties can quickly attract users and expand the circulation range of tokens, but it is also easy to trigger speculative behavior in the market. Huang Licheng’s statement this time may stem from his concerns about the current HYPE token market ecosystem. From the perspective of market performance, airdrops often significantly increase the circulation of tokens in the short term, causing an imbalance between supply and demand in the market and triggering price fluctuations. If airdrops are conducted multiple times, investors’ expectations of the token’s value will become chaotic, and market confidence may also be undermined, which in turn will affect the long-term stable development of the token.
It is worth noting that the monitoring data of on-chain analyst Yu Jin previously indicated that Huang Licheng had begun to gradually close out HYPE to take profits. This operation echoes his remarks on the X platform, suggesting that he is cautious about the future trend of the HYPE token. In the cryptocurrency market, investors’ profit-taking operations are often based on their judgment of market trends. Huang Licheng’s choice to take profits might be because he believes that the current price of HYPE tokens has reached the expected target, or he has perceived potential market risks. For instance, if the subsequent development of the project fails to meet expectations or the overall market environment deteriorates, the HYPE token price may face downward pressure. At such times, taking profits in a timely manner can effectively lock in profits and reduce risks.
From a broader perspective of the cryptocurrency market, Huang Licheng’s viewpoint also reflects the industry’s reflection on the airdrop mechanism. In recent years, with the sharp increase in the number of cryptocurrency projects, airdrops have become a common means for many projects to attract users. However, some projects overly rely on airdrops, neglecting the construction of practical application scenarios and the development of the ecosystem for tokens. As a result, the token prices lack fundamental support and have become speculative tools. If this situation persists, it will not only harm the interests of investors but also be detrimental to the healthy development of the entire cryptocurrency industry.
For the HYPE project, Huang Licheng’s remarks might provide some reference for its subsequent development. If the project party hopes to stabilize the token price and attract long-term investors, it might be a wiser choice to reduce or stop airdrops and instead focus on the practical application of the token, ecosystem construction and community operation. Only by endowing tokens with genuine use value and enhancing their competitiveness in the market can one gain a firm foothold in the fierce market competition.
For investors, Huang Licheng’s viewpoints and operations also hold cautionary significance. When participating in cryptocurrency investment, one should not merely focus on short-term stimulus factors such as project airdrops. Instead, it is necessary to conduct in-depth research on the project’s fundamentals, technical strength, and development plans, rationally assess the value of the tokens, avoid blindly following the trend, and thereby reduce investment risks.
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