The post Why StarKnet Token Sinked After Airdrop? appeared on BitcoinEthereumNews.com.

StarKnet, a layer-2 has dropped significantly in the last 24 hours after listing its airdrop. It is currently trading at $1.87 but has dropped more than 40% from yesterday. This has happened StarKnet token (STRK) got listed on large centralized exchanges like Bitcoin and KuCoin. At the time of listing it was trading at $2.387 and peaked at $3.66 within 60 minutes. From its all-time high, it has dropped by 40% in 24 hours, concerning the investors about the token’s long-term performance. The drop is caused because of the recent airdrop of the token on various platforms after its launch. For this airdrop, 728 Million STRK tokens were unlocked by the satarknet team which is 7.3% of the total supply. The airdrop was received by StarKnet and StarkEx, early adopters, Ethereum community members, a few developers, and the authors of EIP. The airdrop helped in plummeting the number of StarKnet users. By 14 February, the network crossed around 225,000 active wallet mark. Because of this, StarKnet announced for distribution of tokens and rewards for its 1.3 Million users but on the day of token distribution, the active users dropped to 84,260. The airdrop faced some issues as the users encountered errors and network congestion. Understanding The StarKnet Token StarKnet is a layer 2 solution designed for delivering high scalability and flexibility. It works on a proof of work (POW) consensus mechanism and allows multi-token transactions. StarKnet debuted with a $1.5 Billion market cap and on the first day only, its trading volume reached $900 Million. It is available on both decentralized and centralized exchanges as on Uniswap and Binance. Over five million native StarKnet tokens were claimed within the first few minutes. A million tokens per minute were claimed by the crypto investors. Why Do We See So Frequent Airdrops…

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Filed under: News - @ February 22, 2024 6:22 am