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STRK, the native cryptocurrency of the StarkNet network, is witnessing sturdy promoting strain dropping 17% all the way in which below $2.0. As the StarkNet (STRK) token went reside for buying and selling on Tuesday, February 20, it witnessed a short surge to $3.5, nonetheless, it couldn’t maintain and has corrected almost 50% from the height.

StarkNet (STRK) Price Tanks After Airdrop

The STRK token is presently buying and selling at $1.95 with a market cap of $1.4 billion. On the debut day of itemizing, the STRK buying and selling quantity surged to a staggering $1.6 billion. Some of the highest cryptocurrency exchanges like Binance have introduced help for StarkNet.

Binance, a number one cryptocurrency alternate platform, announces the addition of Starknet (STRK) to its suite of companies, together with Binance Simple Earn and Binance Convert. Furthermore, Binance will combine STRK into Binance Margin, Binance Futures, and Binance Auto-Invest on particular dates, enhancing accessibility and value for merchants and buyers.

In explicit, Binance Simple Earn now presents subscribers the chance to take part in STRK Flexible Products. Thus, it would permit customers to earn rewards by way of versatile funding methods.

Lookonchain, a distinguished supplier of on-chain knowledge analytics, uncovers a major airdrop occasion involving 1,432,800 STRK tokens, valued at $3 million. Remarkably, this airdrop was distributed throughout 1,361 wallets, indicating widespread participation within the distribution of the digital belongings.

Analysis performed by Lookonchain reveals that following the airdrop, the recipients, spanning 1,361 wallets, proceeded to switch their allotted STRK tokens to a chosen pockets tackle recognized as “0x027c…9078”. This switch exercise means that recipients swiftly claimed their airdropped tokens and subsequently consolidated their holdings in a single pockets tackle.

It appears that somebody acquired an #airdrop of 1,432,800 $STRK ($3M) by way of 1,361 wallets!

The 1,361 wallets transferred $STRK to pockets”0x027c…9078″ after claiming the #airdrop.https://t.co/xTUBOqB5Pr pic.twitter.com/XVGtAaUxjr

— Lookonchain (@lookonchain) February 21, 2024

More About the Project

Starknet features as a Layer 2 resolution, offering scalability and sustaining Ethereum-level safety by creating STARK proofs off-chain, that are then transmitted on-chain. Developed by StarkWare Industries, an Israeli blockchain firm, Starknet was purpose-built to deal with Ethereum’s scalability challenges.

Starknet leverages STARKs, a cryptographic proof system, to validate transactions on the Ethereum community. Unlike different zero-knowledge rollup options that make the most of SNARKs, STARKs provide quantum resilience and promise varied scalability enhancements.

Furthermore, Starknet intends to dedicate 50 million STRK tokens to incentivize DeFi protocols, thereby stimulating progress in Total Value Locked (TVL). These protocols, performing on Starknet, are prone to distribute new tokens to customers by way of airdrops.

The preliminary staking Annual Percentage Yield (APY) stands at 12%, encouraging customers to stake their tokens as an alternative of promoting them. Despite this, some people voiced discontent over not receiving the airdrop.

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Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.