Machi Big Brother promoted a Solana meme coin called Season 3, or S3, as a way to bypass waiting for a possible Hyperliquid Season 3 airdrop. The account says S3 pays HYPE to holders, but Jeffrey Huang said he is not the coin's developer. Hyperliquid has announced no airdrop since its November 2024 genesis event, which distributed 310 million HYPE, equal to 31% of supply. S3 initially surged before giving back about three-quarters of its gains within hours. Its fee-based reward model draws on Raydium, where creators can receive trading fees from sufficiently liquid pools; the HYPE-quoted S3 pool therefore pays fees in HYPE. Trading remains concentrated and liquidity is thin, with about $3.6 million in 24-hour volume in the HYPE pool, roughly $175,000 of depth and approximately $500,000 across all pools. Buyers are therefore pricing in a distribution that has no announced schedule or confirmed developer.