Ethereum

Starknet

The two-day-old token of Ethereum layer-2 network Starknet has more than halved in price as Ethereum infrastructure firm Nethermind and airdrop farmers dumped millions of dollars worth of the airdropped token.
Starknet’s (STRK) price has dropped nearly 60% and is trading under $1.90 from a Feb. 20 top of $4.41, when it was airdropped to some of the blockchain’s users, <a href="https://www.coingecko.com/en/coins/starknet" target="_blank" rel="noopener nofollow">according</a> to CoinGecko data.
STRK hit <a href="https://cointelegraph.com/news/starknet-7-binance-millions-tokens-claimed">as high as $7.70</a>&nbsp;on Binance following its listing on the exchange, but its price there has since dropped 75.4% to below $1.90.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/9b76008e-ce5b-4078-b1b8-20a057a04828.png" alt="" title="">
 <figcaption style="text-align: center;">
 Starknet token has nearly halved in price from Feb. 20–22. Source: CoinGecko
 </figcaption>
</figure>
“The price of $STRK has been falling since its launch,” blockchain analysts Lookonchain wrote in a Feb. 22 X post.
It added it found Nethermind sold 3.41 million STRK worth over $6.7 million and warned “the selling may continue” as the firm still held over $12 million worth of the token.
<blockquote class="twitter-tweet">
 The price of <a href="https://twitter.com/search?q=%24STRK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STRK</a> has been falling since its launch. We noticed that <a href="https://twitter.com/hashtag/Nethermind?src=hash&amp;ref_src=twsrc%5Etfw">#Nethermind</a> has sold a total of 3.41M <a href="https://twitter.com/search?q=%24STRK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STRK</a>($6.74M) at $1.98 so far.<a href="https://twitter.com/hashtag/Nethermind?src=hash&amp;ref_src=twsrc%5Etfw">#Nethermind</a> still holds 6.74M <a href="https://twitter.com/search?q=%24STRK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STRK</a>($12.33M), and the selling may continue.<a href="https://t.co/EUvVeHvyCY">https://t.co/EUvVeHvyCY</a> <a href="https://t.co/RiFFiZXQRt">pic.twitter.com/RiFFiZXQRt</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1760489819275395490?ref_src=twsrc%5Etfw">February 22, 2024</a>
</blockquote> 
Hours earlier, Lookonchain shared that it had found a second instance of a STRK airdrop hunter consolidating wallets, with 1.2 million STRK worth $2.4 million moving from around 1,800 separate wallets to a single address. 
On Feb. 21, Lookonchain said it found a similar instance of an airdrop hunter, with nearly 1,400 wallets sending 1.4 million airdropped STRK worth about $3 million to a single address.
<blockquote class="twitter-tweet">
 Another airdrop hunter also received 1.22M <a href="https://twitter.com/search?q=%24STRK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STRK</a>($2.4M) via ~1.8K wallets.<a href="https://t.co/MCkUjWGFij">https://t.co/MCkUjWGFij</a><a href="https://t.co/LMR3FIDCGJ">https://t.co/LMR3FIDCGJ</a> <a href="https://t.co/Xzh80FF5lH">pic.twitter.com/Xzh80FF5lH</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1760220783002145154?ref_src=twsrc%5Etfw">February 21, 2024</a>
</blockquote> 
Yearn.finance developer <a href="https://cointelegraph.com/news/starknet-populated-airdrop-hunters-ahead-token-launch-report">Banteg had alleged ahead of Starknet’s airdrop</a> that over 700,000 wallets of the 1.3 million eligible for airdropped STRK were linked to GitHub accounts controlled by airdrop hunters.
Related: <a href="https://cointelegraph.com/news/starknet-airdrop-largely-successful-despite-controversies">Starknet airdrop largely successful despite controversies</a>
The STRK airdrop was also dampened by Starknet users <a href="https://cointelegraph.com/news/starknet-users-settle-as-frustration-grows-over-airdrop-details">claiming they were ineligible</a> for the distributions despite making thousands of dollars worth of transactions. Criteria for eligibility meant users needed to have held at least 0.005 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) — worth about $10 — at the time of a snapshot on Nov. 15, 2023.
Others took issue with STRK’s unlock schedule for rewarding Starknet investors and contributors with 1.3 billion STRK, 13% of the supply, around two months after launch. 
STRK’s airdrop saw a huge takeup when it launched, with 45 million STRK tokens secured in the first hour and a half after it started allocations.
So far, nearly 430 million STRK tokens — around 92% of the total available for distribution worth over $790 million — have been claimed by those eligible, <a href="https://voyager.online/strk-provisions-dashboard" target="_blank" rel="noopener nofollow">according</a> to data from Voyager.
Despite STRK’s price drop, Starknet’s total value locked is $73.5 million — a nearly 30% jump in 24 hours, <a href="https://defillama.com/chain/Starknet" target="_blank" rel="noopener nofollow">according</a> to DefiLlama.
Magazine: <a href="https://cointelegraph.com/magazine/defis-billion-dollar-secret-the-insiders-responsible-for-hacks/">DeFi’s billion-dollar secret: The insiders responsible for hacks</a>

Starknet’s STRK token drops as Nethermind and airdrop hunters dump millions

Cointelegraph

Other articles published on Feb 22, 2024

Ethereum Price Retreats From $3K But Bulls Remain In Charge

Will JASMY Surpass the $1 Mark in 2024? Insights into JasmyCoin’s Future Growth

Ethereum Price Prediction: As Coinbase Urges Approval Of Graycale’s Ethereum ETF And Kraken Sees ...

Bitcoin Reaches New Peaks as Altcoins Suffer Setbacks

JOIN THE FAIR LAUNCH AND AIRDROP OF THE NFT MOON METAVERS

Apple to Elevate iMessage Security with Next-Gen Encryption Amid Quantum Computing Concerns

Join our free newsletter for daily crypto updates!