Metaverse tokens plummeted 40% in a single day after skyrocketing! It is suspected that whales took advantage of the high point to sell in large quantities

The price of HIGH, the governance token of the Metaverse project Highstreet, has skyrocketed recently, rising by nearly 140% in just 16 days. Unexpectedly, it suddenly plummeted by more than 40% in a single day yesterday. The reason for the plunge is unknown, but it is suspected that a whale took advantage of the high point to sell in large quantities.

The price of HIGH, the governance token of Taiwan's VR metaverse business project Highstreet, has been eye-catching recently. Since May 23, it has soared from around $4, reaching a high of $9.768 on the 8th, with the maximum increase of nearly 140% in 16 days.

However, the price of HIGH suddenly collapsed since 12:00 noon on the 8th, with the deepest single-day plunge of nearly 50% to $4.56. As of press time, it has slightly rebounded to $5.019, and the decline in the past 24 hours is still as high as 31%.

Since there is no public negative news about HIGH, it is not known why the price suddenly plummeted, but it is worth noting that there are suspected whales taking advantage of the high point to ship. According to the monitoring of the on-chain analyst Ember, a HIGH investor address transferred 281,250 HIGH to Coinbase yesterday, worth $1.78 million, which may be ready to sell for profit.

Since December 2021, this address has received a total of 962,500 HIGH from the Highstreet investor token distribution address, and all of them have been transferred to centralized exchanges and may have been cashed out.

Highstreet Introduction

Highstreet is a business-centric play-to-earn (P2E) metaverse that combines shopping, games, NFTs, traditional brands and cryptocurrency brands with MMORPG (massively multiplayer online role-playing game) game experiences. Users can earn money by completing tasks, participating in social activities, and purchasing NFTs from real-world brands.

Highstreet is a Taiwanese team founded by Travis Wu and Jenny Guo. In addition to being supported by Binance Labs, it has also received investments from Jump Trading, Animoca Brands, Cherubic Capital, Mechanism Capital, NGC and other companies.

Highstreet has reached a partnership with Chinese pop music king Jay Chou. Recently, Highstreet has also received good news. On the 5th, it announced that it has become the official metaverse partner of 50Best, a leading authority in the field of global food and international beverages, opening up new areas for restaurant brands and attracting food lovers through gamified adventures in Highstreet World.