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

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 address “0x027c…9078”.

The combination of these on-chain activities paints a picture of the challenges facing Starknet’s STRK token in the current market environment. 

While the project holds promise, the volatility and sell-offs indicate a cautious approach among investors, emphasizing the need for strategic planning and market resilience in the cryptocurrency space. 

As Starknet navigates through this period, stakeholders closely monitor developments for insights into the token’s future trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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