Starknet Price Drops, Airdrop Hunter Nethermind Sells Millions of STRK Tokens

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Bittime - One of the rising tokens in the crypto world is Starknet (STRK), which is the native token of a layer-2 scaling platform for Ethereum that uses zero-knowledge proof technology. STRK was launched on February 20, 2024 and managed to reach a high of $3.66 per token. 

However, STRK's price experienced a drastic drop of up to 33% within hours of launch. What caused it?

One of the factors thought to have influenced the decline in STRK prices was the mass selling action of Nethermind airdrop hunters. Nethermind is one of the Ethereum nodes that supports Starknet and provides an airdrop of 10 STRK to every address connected to their node. 

This airdrop lasted for 10 days from February 10 to February 20, and a total of around 10 million STRKs were distributed.

Many of the Nethermind airdrop recipients immediately sold their STRK as soon as the token was available on the market. According to data from Etherscan, there were more than 7,000 STRK sales transactions carried out by addresses that received the Nethermind airdrop. The number of STRKs sold reached millions of tokens, which of course created huge selling pressure in the market.

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Additionally, other factors that may influence the price of STRK are the lack of liquidity and trading volume. Currently, STRK is only available on a few crypto exchanges, such as Binance, Bybit, OKX, BingX, and Bitrue. STRK's daily trading volume is also still low, at around $651 million. This makes STRK prices easily fluctuate due to changes in supply and demand.

Despite STRK's price decline, many are still optimistic about Starknet's potential as a scaling solution for Ethereum. Starknet offers high speed, efficiency, and security for dApp developers and users on Ethereum. Starknet also has a fast-growing ecosystem, with many partners and projects involved, such as Strike, GoldMint, Band Protocol, Uniswap, Firo, Chainlink, Oasis Network, Blocknet, yearn.finance, Solar, and MahaDAO.

How to Buy STRK Tokens on Bittime

You can buy and sell STRK tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. STRK is available on Bittime with STRK IDR pairing.

To be able to buy STRK/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can purchase STRK in the application. Learn a more complete guide on how to buy STRK on Bittime

Monitor the price chart movements of Starknet (STRK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also read:

What is Starknet (STRK)? An Ethereum Scalability Revolution

StarkWare Announces Postponement of STRK Token Lockup Due to Criticism of Airdrop

Starknet Begins to Respond to STRK Token Airdrop Issues

Starknet STRK Token Price Drops 53%, Token Distribution Reaps Criticism

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.