Hyperliquid is scheduled to execute its first significant token unlock on November 29. This event will release approximately $308 million worth of HYPE tokens into circulation. The unlock represents 2.66% of the circulating supply and targets core contributors after a one-year cliff. Token unlocks of this magnitude often draw market attention due to the potential for increased sell pressure. Reports confirm that the team has already unstaked tokens in preparation for this event, fueling trader debates on market impact. This liquidity event has sparked discussions among traders regarding the token's market depth and the behavior of large holders. [Update 1] Intraday volatility spiked after a single wallet executed a market sell of approximately 69,900 HYPE tokens, valued at over $2.1 million. The transaction caused an immediate price drop of 2.6%, driving the price down to $30 momentarily. Community members are debating whether such movements are isolated incidents or indicative of broader unstaking activity by early participants ahead of the November 29 unlock.