MegaETH Revokes $1M MEGA from Influencer After Hedging Hint
MegaETH revoked crypto influencer IcoBeast’s nearly $1 million allocation of MEGA tokens after he posted on social media hinting at hedging his position, breaching the project’s one-year lock-up rule. The Ethereum layer-2 network’s public sale raised $1.39 billion from 53,000 bidders—28× oversubscribed—and allocated only to long-term supporters to stabilise post-launch value. Pre-market trading on Hyperliquid shows MEGA at $0.48, down from $0.525. MegaETH’s Chief Strategy Officer Namik Muduroglu stated that any discussion of hedging or over-the-counter trades triggers refunds and zero allocation, ensuring tokens serve committed holders. This enforcement highlights growing emphasis on aligning participant behaviour with project stability, signalling a stricter presale governance trend in crypto.
Bullish
MegaETH’s strict lock-up and allocation governance demonstrates a commitment to protecting holder interests and preventing early sell-offs, which helps maintain MEGA token stability post-launch and boosts long-term holder confidence. Similar protocols in projects like Arbitrum and Optimism have resulted in steadier token performance after implementation. Moreover, limiting speculative supply can improve the token’s supply-demand balance, providing price support. In the short term, MEGA may still experience pre-market volatility; however, over the medium to long term, this policy is likely to foster market confidence and drive value appreciation.