As an important development for Highstreet (HIGH), one of the cryptocurrencies in Binance’s Launchpool, 3 million HIGH altcoins were transferred from the developer’s Highstreet Treasury and Reserve Wallet to the Binance exchange. As of the date of this report, this transfer corresponds to a staggering value of $3.84 million. Here are the details…
Altcoin price lost value
The HIGH token price, which was already in a downward trend throughout the day, fell even further after this important transfer. Currently, the altcoin is trading at $1.30, reflecting a loss of around 8% in the last 24 hours. This is not the first time the development team has moved a significant amount of HIGH tokens to Binance. Over the past month, a total of 6.27 million HIGH tokens worth approximately $8 million were transferred from the Treasury and Reserve Wallet to the exchange. With a market value of $56 million, HIGH is categorized among relatively smaller cryptocurrencies. It made its debut on Binance Launchpool in December 2021, during which time the token was trading at levels above $20.
The recent transfer of 3 million HIGH tokens to Binance has fueled concerns among investors regarding the potential impact on the token’s price and stability. Highstreet’s performance in the coming days will be closely watched by the cryptocurrency community as it navigates the challenges posed by this large-scale token movement. The chart above clearly shows the recent decline in the price of HIGH and further highlights the market’s reaction to this important transfer.
Details about HIGH: How did the cryptocurrency come to market?
As we at Kriptokoin.com reported, HIGH Token (Highstreet) is a native token of the metaverse, a game-to-earnings centered on decentralized trading built with virtual reality (VR) support. Highstreet (HIGH) provides a two-way flow of currency between physical and virtual worlds, as well as a marketplace where in-game items can be redeemed for real-life items. During the game, users have the opportunity to explore the metaverse, fight monsters and complete quests, while acquiring items that are useful in both the digital and real world.
Besides HIGH, the game features a utility token STREET, which is obtained by completing various missions. HIGH is considered a governance-heavy altcoin that gives players the opportunity to vote on important decisions on the platform, profit through stacking, and purchase items in the marketplace, while STREET serves as the primary currency in the game that facilitates trading and purchases of armor, weapons, improvements, travel tickets, and hotel stays. can be used to purchase. HIGH is paid as taxes to property owners and can also be obtained through participation in the metaverse’s special events. The altcoin first went live in October 2021.
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