Recently, the token HIGH issued by the Metaverse project Highstreet has experienced abnormal price fluctuations. The token has been steadily rising by over 350% since mid-April, but began to be heavily sold off on June 8, causing the token price to plummet from $8.8 to $3. Many in the community suspect that this situation is a result of the team artificially inflating the price before selling off to retail investors.
In response to this, members of the Highstreet team posted on the TG channel that the recent price fluctuations were caused by malicious selling activities by a certain entity. After investigating the price trend of Highstreet, the team discovered that a certain entity withdrew 20 million tokens, valued at approximately $176 million based on the pre-sale price, with 9 million tokens directly from a Korean exchange.
Despite Highstreet’s active response and absorption of the initial 8 million tokens sold off, they ultimately could not withstand the massive selling pressure. The team stated that the entity initially purchased tokens from Bithumb and laundered money through the BSC bridge. The team only recently discovered the identity of the adversary and urges all traders to act cautiously 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 the Binance exchange.