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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 Nethermind and airdrop recipients. According to CoinGecko data, the price of Starknet’s (STRK) token has dropped almost 60% from its peak of $4.41 when it was distributed to selected blockchain users via airdrop on February 20, and is now trading below $1.90.
After being listed on Binance, STRK briefly rose to $7.70, but has since experienced a sharp drop of 75.4% and fell below $1.90.
Blockchain analysts Lookonchain noted in a X post on February 22, that the price of $STRK has been on a downward trend since its launch.
The firm detected the sale of 3.41 million STRK by Nethermind that worth more than 6.7 million dollars and warned that the ‘selling may continue’ because the firm still holds a value of over 12 million dollars.
A few hours ago, Lookonchain reported another scenario in which an STRK airdrop hunter combined wallets. Approximately 1.2 million STRK was transferred to an address from about 1,800 separate wallets, worth of 2.4 million dollars.
On February 21, Lookonchain reported a similar situation concerning an airdrop hunter. Approximately 1,400 wallets sent around 1.4 million STRK’s worth of about 3 million dollars to a single address.
Before the Starknet airdrop, Yearn.finance developer Banteg claimed that over 700,000 of the 1.3 million wallets associated with GitHub accounts controlled by airdrop hunters were eligible for the airdrop.
Other users experienced issues related to Starknet‘s airdrop reward program that’s set to unlock approximately 1.3 billion STRK tokens, 13% of the supply, about two months after the launch.
When the STRK airdrop started, 45 million STRK tokens were secured in the first hour, half an hour after the distributions started.
So far, according to Voyager’s data, nearly 92% of the total, 430 million STRK tokens that worth over 790 million dollars have been claimed by those eligible for distribution.
Despite the drop in the price of STRK, Starknet‘s total value has increased by almost 30% in 24 hours, reaching to 73.5 million dollars, according to DefiLlama‘s data.
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