Entrepreneur Jeffrey Huang, known as Machi Big Brother, recently promoted a Solana-based meme coin named Season 3 (S3). Huang claims the token provides HYPE dividends to its holders, framing the asset as a way to bypass the wait for an official Hyperliquid Season 3 airdrop. Following the promotion, the token price spiked on Tuesday before losing approximately 75% of its gains within hours.
The Hyperliquid protocol has not announced a third season or any specific distribution schedule. Previously, the platform released 310 million HYPE tokens, representing 31% of the total supply, during its Genesis Event. Currently, 388.88 million HYPE remain unminted for future rewards. The HYPE token is trading at approximately $84, following a recent approach to record highs.
The S3 token operates on the Solana blockchain rather than HyperEVM. Its mechanism relies on Raydium, where liquidity providers can claim trading fees. The project follows a template similar to the Anonymous Cat coin, which launched on August 30 and reached a market capitalization of $95 million. However, S3 currently faces significant liquidity constraints.
Total liquidity across all S3 pools is approximately $500,000, with the HYPE pool accounting for about $3.6 million in 24-hour trading volume. The pool depth is limited to $175,000, and price discrepancies between different pools exceed 60%. Huang has explicitly stated that he is not the developer of the S3 project.
