Recently, the token HIGH issued by the Metaverse project Highstreet has experienced abnormal price fluctuations. The token has surged over 350% since mid-April, but has been heavily sold off since June 8th, plummeting from $8.8 to $3. Many in the community suspect that this situation is due to the team artificially inflating the price and then selling off to profit from retail investors.
In response, members of the Highstreet team posted on their Telegram channel, stating that the recent price fluctuations were caused by malicious selling by a certain entity. After investigating the price trend of Highstreet, the team found that this entity had extracted 20 million tokens, worth approximately $176 million based on the pre-sell price, with 9 million tokens directly from a South Korean exchange.
Despite Highstreet’s efforts to absorb the first batch of 8 million tokens sold off, they ultimately could not withstand the massive selling pressure. The team revealed that the entity initially purchased tokens from Bithumb and laundered them through the BSC bridge. It was only recently that the team discovered the identity of the perpetrator, and they urge all traders to exercise caution and remain vigilant. Please closely monitor the activity of the following wallet addresses:
https://bscscan.com/address/0xb84970bfefc3f3babcb58e2d3981b1c8e3450ceb#tokentxns
https://bscscan.com/address/0x10ae0151796151990e8da442d52be582502d56d6#tokentxns
As of now, the above addresses are still continuously sending HIGH tokens to Binance exchange.
