Taiwan Metaverse Project: $HIGH Skyrockets and then Plummets 40% in a Day! Whale Manipulation Suspected?

The governance token HIGH of the Taiwanese VR metaverse commercial project Highstreet has recently shown an impressive performance. Starting from May 23, its price surged from around $4, reaching a peak of $9.768 on the 8th, with a maximum increase of nearly 140% within 16 days.

However, starting from noon on the 8th, the price of HIGH suddenly collapsed, dropping by nearly 50% in a single day to $4.56. By the time of writing, it slightly rebounded to $5.019, still marking a 31% drop within the past 24 hours.

Since there have been no public negative news regarding HIGH, the reason for the sudden price drop is still unknown. However, it is worth noting that it is suspected that a whale might have taken advantage of the high price to offload their holdings. According to on-chain analyst Yu Jin, one HIGH investor's address transferred 281,250 HIGH to Coinbase yesterday, worth $1.78 million, possibly preparing to cash out.

Since December 2021, this address has received a total of 962,500 HIGH from Highstreet's investor token distribution address and has transferred all of it to centralized exchanges, possibly cashing out all holdings.

Highstreet Introduction

Highstreet is a commerce-centered play-to-earn (P2E) metaverse, combining shopping, gaming, NFTs, traditional brands, and cryptocurrency brands with the MMORPG (massively multiplayer online role-playing game) experience. Users can earn money by completing tasks, participating in social activities, and purchasing NFTs from real-world brands.

Highstreet was founded by a Taiwanese team led by Travis Wu and Jenny Guo. Besides support from Binance Labs, it has also received investments from companies like Jump Trading, Animoca Brands, MindWorks Ventures, Mechanism Capital, and NGC.

Highstreet has previously partnered with Chinese pop music king Jay Chou. Recently, Highstreet also announced good news, becoming the official metaverse partner of the global authority in the food and beverage sector, 50 Best, on the 5th. This partnership opens new areas for restaurant brands, attracting food enthusiasts through gamified adventures in Highstreet World.