{"id":13270,"date":"2024-02-23T21:00:08","date_gmt":"2024-02-23T21:00:08","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=13270"},"modified":"2024-03-27T12:42:55","modified_gmt":"2024-03-27T12:42:55","slug":"starknet-loses-value-as-airdrop-hunters-sell-millions-of-tokens","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/starknet-loses-value-as-airdrop-hunters-sell-millions-of-tokens\/","title":{"rendered":"Starknet Loses Value as Airdrop Hunters Sell Millions of Tokens!"},"content":{"rendered":"

Starknet<\/strong> token has experienced a drop of more than 50%<\/strong> since its launch on February 20<\/strong>, due to the selling of millions of tokens by airdrop hunters and large token holders.<\/p>\n

The recently launched token of Ethereum<\/strong>‘s Layer-2 network, Starknet<\/strong><\/a>, dropped its price almost in half due to heavy selling pressure from Ethereum infrastructure firm Nethermind and airdrop recipients. According to CoinGecko data<\/a>, the price of Starknet’s (STRK<\/strong>) token has dropped almost 60%<\/strong> from its peak of $4.41<\/strong> when it was distributed to selected blockchain users via airdrop on February 20<\/strong>, and is now trading below $1.90<\/strong>.<\/p>\n

After being listed on Binance<\/strong>, STRK<\/strong> briefly rose to $7.70<\/strong>, but has since experienced a sharp drop of 75.4%<\/strong> and fell below $1.90<\/strong>.<\/p>\n

 <\/p>\n

\"Starknet\"<\/p>\n

Blockchain analysts Lookonchain<\/strong> noted in a X<\/strong> post on February 22, that the price of $STRK<\/strong> has been on a downward trend since its launch.<\/p>\n

The firm detected the sale of 3.41<\/strong> million STRK<\/strong> by Nethermind<\/strong> that worth more than 6.7 million<\/strong> dollars and warned that the ‘selling may continue’ because the firm still holds a value of over 12<\/strong> million dollars.<\/p>\n

A few hours ago, Lookonchain<\/strong> reported another scenario in which an STRK<\/strong> airdrop hunter combined wallets. Approximately 1.2 million STRK<\/strong> was transferred to an address from about 1,800<\/strong> separate wallets, worth of 2.4 million dollars<\/strong>.<\/p>\n

On February 21, Lookonchain<\/strong> reported a similar situation concerning an airdrop hunter. Approximately 1,400<\/strong> wallets sent around 1.4 million<\/strong> STRK’s<\/strong> worth of about 3 million<\/strong> dollars to a single address.<\/p>\n

Before the Starknet<\/strong> airdrop, Yearn.finance<\/strong> developer Banteg<\/strong> claimed that over 700,000<\/strong> of the 1.3 million<\/strong> wallets associated with GitHub<\/strong> accounts controlled by airdrop hunters were eligible for the airdrop.<\/p>\n

Other users experienced issues related to Starknet<\/strong>‘s airdrop reward program that’s set to unlock approximately 1.3 billion STRK<\/strong> tokens, 13%<\/strong> of the supply, about two months after the launch.<\/p>\n

When the STRK<\/strong> airdrop started, 45 million STRK<\/strong> tokens were secured in the first hour, half an hour after the distributions started.<\/p>\n

So far, according to Voyager’s data, nearly 92%<\/strong> of the total, 430 million STRK<\/strong> tokens that worth over 790 million dollars<\/strong> have been claimed by those eligible for distribution.<\/p>\n

Despite the drop in the price of STRK<\/strong>, Starknet<\/strong>‘s total value has increased by almost 30%<\/strong> in 24<\/strong> hours, reaching to 73.5 million dollars<\/strong>, according to DefiLlama<\/strong><\/em>‘s data.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019 t forget to follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Starknet token has experienced a drop of more than 50% since its launch on February 20, due to the selling of millions of tokens by airdrop hunters and large token holders. The recently launched token of Ethereum‘s Layer-2 network, Starknet, dropped its price almost in half due to heavy selling pressure from Ethereum infrastructure firm<\/p>\n","protected":false},"author":1,"featured_media":13269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[192,833,105,4571,474,1782],"class_list":["post-13270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-blockchain","tag-coingecko","tag-ethereum","tag-nethermind","tag-starknet","tag-strk"],"yoast_head":"\nStarknet Loses Value as Airdrop Hunters Sell Millions of Tokens! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Starknet token has experienced a drop of more than 50% since its launch on February 20, due to the selling of millions of tokens.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/starknet-loses-value-as-airdrop-hunters-sell-millions-of-tokens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starknet Loses Value as Airdrop Hunters Sell Millions of Tokens! 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