Starknet’s STRK Token Faces Price Decline After Listing
The post Starknet’s STRK Token Faces Price Decline After Listing appeared on BitcoinEthereumNews.com.
Following its recent listing, Starknet’s native token, STRK, experienced a significant downturn, with its price plummeting by 27% within a 24-hour period. The drop can be attributed largely to sell-offs triggered by a major airdrop, revealing challenges associated with token issuance strategies. Despite the potential of Starknet’s technology, the current price decline suggests a period of uncertainty ahead for recovery. On-chain reports shed light on the activities of major sellers in the STRK market. Nethermind, a prominent Lido Node Operator, received 10.25 million STRK tokens and subsequently sold 959.1 thousand STRK for 2.31 million USDC via Uniswap at an average price of approximately $2.41. As of the latest report, Nethermind holds 9.24 million STRK tokens, valued at $19.31 million. The $STRK price dropped 12% since the #airdrop! Who are the major sellers? 1. #Nethermind: Lido Node Operator They received 10.25M $STRK and have sold 959.1K $STRK for 2.31M $USDC via #Uniswap at ~$2.41. Current holding: 9.24M $STRK ($19.31M). Token flow:… pic.twitter.com/vUFcdcypxO — Spot On Chain (@spotonchain) February 21, 2024 More Players Sold Off Their STRK Airdrop Allocations Similarly, FlowTraders, another significant player, received 5 million STRK tokens. They deposited 3.5 million STRK to Binance and 100 thousand STRK to Crypto.com, totaling $13.3 million. Additionally, FlowTraders sold 943 thousand STRK for USDC and ETH via Uniswap at an average price of around $3.82, amounting to $3.6 million. Currently, FlowTraders holds 457 thousand STRK tokens, valued at $946 thousand. It seems that someone received an #airdrop of 1,432,800 $STRK ($3M) via 1,361 wallets! The 1,361 wallets transferred $STRK to wallet”0x027c…9078″ after claiming the #airdrop.https://t.co/xTUBOqB5Pr pic.twitter.com/XVGtAaUxjr — Lookonchain (@lookonchain) February 21, 2024 Another notable development involves an airdrop of 1,432,800 STRK tokens, worth $3 million, distributed across 1,361 wallets. Following the claim of the airdrop, these wallets transferred STRK tokens to the wallet…
Filed under: News - @ February 22, 2024 1:20 am