RAGE launch retrospective on Hyperliquid: distribution and timing
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Bullish call$RAGE−31%since listing, moved against the callHow it played out ↓Explains why RAGE underperformed: the 20% sold on Fjord at $30M FDV (over 50% of circulating supply) was dumped, launch hype was overestimated and new launches struggle in this market.
Key claims
20% of supply sold on Fjord at $30M FDV, over 50% of circulating supply
Token trades about 50% below early investor buy-in
$RAGE didin't cook at all in the end. 📉
Expected more from this one tbh.
Why did it not fly as I suggested in my post below?
Retrospective on $RAGE ☹️👇
💸 The Distribution Problem
The 20% of total supply (>50% of circ. supply) that were sold on @FjordFoundry turned out to be a burden.
Paper-handing "early investors" that got in at $30M FDV didn't give healthy PA a chance, dumping at a loss relentlessly.
📅 Timing and Hype
The (overestimated) hype around being "the first major token launch on Hyperliquid" didn't help much to counter the sell pressure.
Also, the market just proved again that it's tough for new token launches right now. There is a lot of uncertainty and a lack of real inflows beyond the majors.
Additionally, it's just not DeFi season either and among the masses of billion $$$ FDV launches in the infra space, it's really hard for app layer tokens to garner and maintain significant mindshare (regardless of good tech or product).
Overall, timing wasn't great, but it was decided by the community, so I would have hoped for more. But seems like vote was skewed by dumpers.
Finally, a lack of marketing and hype push around TGE also contributed to a lack of awareness and confidence on the side of potential buyers.
🔮 Where do we go from here?
I will not be selling my allocation from Fjord at a loss for now, but also don't expect this to just moon too soon either.
Think there will be less sell pressure once jeets are out completely, which is good, but not sure about real catalysts and "reasons to buy in" yet.
I do however think that this is undervalued at -50% on early investor buy-in price.
What do you think anon?
You (still) hold any $RAGE? 👀
t.co/033iNUp0xa
QUOTING @zerokn0wledge_
$RAGE is launching in less than 1h on @HyperliquidX. TL;DR on everything you need to know 👇 - 35M $RAGE (35%) will be circulating upon TGE (incl. liquidity), no airdrop dump or investor unlocks on TGE due to cliff. - "Rage quit" allows investors and airdroppers to forfeit 60% (
$RAGE is launching in less than 1h on @HyperliquidX. TL;DR on everything you need to know 👇 - 35M $RAGE (35%) will be circulating upon TGE (incl. liquidity), no airdrop dump or investor unlocks on TGE due to cliff. - "Rage quit" allows investors and airdroppers to forfeit 60% (
How the call played out · since 09 Aug 2024
Prices as of 23 Oct 2026This piece takes a view on $RAGE, so that move is read against the call.
$RAGERage ProtocolBullish thesis
−31%
Moved against the call · since it listed on 07 Nov 2025, 15 months after this piece
- At listing
- $9.33
- Now
- $6.44
- vs BTC
- −14%
- After 1 month
- −15%
- After 3 months
- −29%
- High since
- +0.1% 12 Nov 2025
- Low since
- −46% 07 Aug 2026
Since then
No follow-up pieces on this subject yet. This is the latest take.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.