I often like to revisit my old analyses of bigger projects. Hyperliquid’s strength as of today immediately reminded me of my $ASTER post back in October. The project always felt a bit phishy.

Back then, on-chain didn’t lie: early whales already took profits, signals were weakening, and the big airdrop caused confusion and sell-offs. See my onchain analysis post for more details.

Yet somehow, every KOL back then was shouting “Aster CODED.” Armies of them, spamming the so-called Hyperliquid killer daily on our timelines. Backed by #CZ himself 

You almost had to be a complete retard to not believe in it, right?

Well, then reality hit. The weak on-chain signals eventually matured, accusations of wash trading followed, marketing stunts with hot $ASTER chicks, flashy new KOL hires, public buys from CZ.

All noise.

None of it mattered.

The Hyperliquid killer couldn’t beat real tech. Meanwhile, Hyperliquid kept building, still has $8b MC, without a paid KOL army or a CZ / #Binance backing. 

Damn.

It makes me proud to see a team with this much focus simply choose to ship and win.