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One of the most hyped tokens, <a href="https://news.todayq.com/starknets-strk-drops-55-amid-criticism-can-it-make-a-comeback/" rel="noopener noreferrer nofollow">StarkNet’s STRK</a>, continues to bleed following its listing on Binance and other major cryptocurrency exchanges. Initially, STRK gained huge attention from its STRK airdrop, which also caused it to hit $5, but it is continuously bleeding. Why STRK token price is falling? 
One of the major reasons behind this continued price drop is that recently, Nethermind, a blockchain research and software engineering company empowering enterprises and developers worldwide to build on decentralized systems, has sold over 3.41 million STRK tokens worth around $2 million. Additionally, with this massive offload, Nethermind still holds a significant 6.74 million STRK tokens worth around $12.33 million.
The price of
Nevertheless, investors and retailers are continuously looking out for major STRK whales and the Netherlands’ upcoming action over STRK, which may cause further continuous price falls.
However, STRK users are also continuously falling according to a recent post on Binance Square. STRK users plummeted by 90%, from 226,000 to 25,000. The major reason behind this massive user drop in STRK is the recent change in its Airdrop eligibility criteria. In the ongoing STRK airdrop, StarkNet is set to distribute 10% of its tokens’ total supply, which is roughly 700 million STRK tokens.
Besides this massive offloading from these crypto-whales and the significant user base fall recently on February 20, 2024, at 18:00, STRK hit $7.7 on Binance. This significant STRK price fluctuation also raises the question of whether STRK was a scam or not. However, in the coming days, Binance Earn will also come with a STRK token distribution plan for the Binance ETH staking users. Source: Binance STRK price performance 
Currently, StarkNet’s STRK is trading near $1.8, and in the last 24 hours, it experienced nearly 3% of downside momentum. If we look at the STRK over a longer period, following its token launch, STRK’s price plummeted by 20%. The STRK price drop and massive user loss STRK 24-hour token volume also dropped by over 42%, and the STRK market is also down by 2.5% and currently stands near $1.3 billion.
However, STRK is not the only token experiencing a price drop; currently, the overall cryptocurrency market is experiencing profit booking, and major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others are also experiencing a continuous fall for the last 2 days.
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STRK continues to bleed, as crypto whale sell off 3.41 million tokens

Todayq News

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