Crypto Whale Sells 3.41 Million STRK Tokens; Adding to Decline

STARKNET starknet STRK

StarkNet’s STRK token, once highly anticipated, is experiencing ongoing losses since its listing on major exchanges like Binance.

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Initially, the token garnered significant attention due to an airdrop, pushing its value to $5. However, it has since been steadily declining.


Factors Contributing to Continued STRK Price Decline

A significant reason behind the ongoing drop in STRK price is the recent sale by Nethermind, a blockchain research and software engineering company. They sold over 3.41 million STRK tokens, valued at approximately $2 million. Despite this sale, Nethermind still holds a substantial 6.74 million STRK tokens, worth around $12.33 million.

Investors and traders are closely monitoring the actions of major STRK holders and anticipating potential regulatory actions from the Netherlands, which could lead to further price declines.

Recent data from Binance Square reveals a substantial decline in STRK users, dropping by 90% from 226,000 to 25,000. This decline is attributed to changes in the token’s airdrop eligibility criteria.

STRK Distribution and Price Fluctuations

StarkNet’s ongoing airdrop, distributing 10% of its total token supply, approximately 700 million STRK tokens, has also impacted user participation and token value. On February 20, 2024, STRK reached $7.7 on Binance, prompting speculation about the token’s legitimacy.

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Despite the price volatility and concerns, Binance plans to introduce a STRK token distribution plan for users participating in Binance ETH staking, potentially influencing future market dynamics.

Source: Binance

STRK Price Decline Amidst Market Trends

StarkNet’s STRK token is currently trading around $1.8, experiencing a nearly 3% decrease in the last 24 hours. Since its token launch, STRK has seen a 20% decline in price.

The downward trend in STRK’s price is accompanied by a significant loss in its user base and a drop of over 42% in its 24-hour trading volume. Additionally, the STRK market is down by 2.5%, with a total market value of approximately $1.3 billion.

It’s important to note that STRK is not the only token facing a price drop. The broader cryptocurrency market is currently witnessing profit booking, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others also experiencing continuous declines over the past two days.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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