StarkNet (STRK) Price Plummets After Airdrop
The native cryptocurrency of the StarkNet network, STRK, is experiencing significant selling pressure, causing it to drop by 17% and fall below $2.0. Although the STRK token initially surged to $3.5 when it started trading on February 20, it has since corrected almost 50% from its peak.
StarkNet Token Trading and Support
The STRK token is currently being traded at $1.95 with a market cap of $1.4 billion. On its debut day, the token’s trading volume reached an impressive $1.6 billion. Leading cryptocurrency exchange Binance has announced its support for StarkNet and has integrated STRK into various services including Binance Simple Earn, Binance Convert, Binance Margin, Binance Futures, and Binance Auto-Invest.
Airdrop Event and Token Distribution
An airdrop event involving 1,432,800 STRK tokens worth $3 million was discovered by Lookonchain, a provider of on-chain data analytics. The airdropped tokens were distributed across 1,361 wallets, indicating widespread participation in the distribution. Recipients swiftly claimed their tokens and consolidated them in a single wallet address identified as “0x027c…9078”.
About StarkNet
StarkNet is a Layer 2 solution developed by StarkWare Industries to address Ethereum’s scalability challenges. It utilizes STARKs, a cryptographic proof system, to validate transactions off-chain before transmitting them on-chain. Unlike other solutions that use SNARKs, STARKs offer quantum resilience and scalability enhancements.
StarkNet plans to incentivize DeFi protocols with 50 million STRK tokens to stimulate Total Value Locked (TVL) growth. Additionally, staking the tokens offers an initial Annual Percentage Yield (APY) of 12%. However, some users have expressed dissatisfaction with not receiving the airdrop.
Hot Take: STRK Faces Selling Pressure After Airdrop
The STRK token’s price has taken a hit following an airdrop event and is currently trading below $2.0. Despite its initial surge, the token has corrected significantly from its peak. Binance has shown support for StarkNet by integrating STRK into its various services, enhancing accessibility for traders and investors. The airdrop event distributed a substantial number of tokens across multiple wallets, suggesting widespread participation. StarkNet aims to address Ethereum’s scalability challenges using STARKs, offering quantum resilience and scalability enhancements. However, some users are disappointed about not receiving the airdrop.
By
By
By
By
By
By