Whale Activity Suggests Starknet Dev Dumping $STRK, Contributing To 12% Price Decline
The post Whale Activity Suggests Starknet Dev Dumping $STRK, Contributing To 12% Price Decline appeared on BitcoinEthereumNews.com.
Whale activity from wallet 0x099, suspected to be linked to a Starknet developer, has raised concerns as 2.6 million STRK tokens, valued at $2.42 million, were deposited to Wintermute Trading OTC. This wallet, believed to be associated with the Starknet team, received 149.5 million STRK, worth $530 million, from the StarkNet: Token Distributor contract over a year ago. Similar transactions occurred last month. In the past three months, a total of 7.475 million STRK tokens, approximately valued at $8.729 million, were transferred to Wintermute Trading OTC. Despite these significant outflows, the wallet still holds a substantial 142.03 million STRK, valued at $132.36 million. The wallet 0x09903 (likely Starknet team) deposited 2.6M $STRK ($2.42M) to Wintermute Trading OTC 6 hours ago. The wallet received 149.5M STRK ($530M) from the StarkNet: Token Distributor contract 1 year and 2 months ago. A similar action was taken last month and transferred… pic.twitter.com/VS1z5njhAI — Spot On Chain (@spotonchain) June 17, 2024 The consistent transfer of large volumes of STRK tokens to OTC platforms suggests ongoing selling pressure, contributing to the bearish trend. The STRK token supply has been increasing by 4.92% per month, and the market has been struggling to absorb this influx, exacerbating the price decline. STRK TOken Price Action To Watch Moreover, with a fully diluted valuation (FDV) of $9 billion but only eight official bridge users, the market dynamics appear unsustainable. This mismatch between high supply and low demand has resulted in the STRK token price losing all support, plummeting by 12% today alone. 🐸 $STRK token supply is ⬆️ by 4.92% PER MONTH🐸$9b FDV with only 8 official bridge users💰Look at the chart. The $STRK token price has lost all support thanks to dilution = dumping 🫡 pic.twitter.com/MyNWge2Nzb — CryptoCondom (@crypto_condom) June 17, 2024 Investors are growing increasingly wary of the…
Filed under: News - @ June 17, 2024 7:16 pm