Starknet TVL Increases 194% in 7 Days: What About STRK?

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Bittime -Starknet, an Ethereum-based Layer 2 platform, recorded impressive TVL growth in less than two weeks since its Mainnet launch on February 14, 2024. TVL is a measure of the value of assets locked or mined on a blockchain network. At the time of this writing, Starknet's TVL has reached $1.32 billion.

Starknet's Mainnet launch also successfully incentivized its early users by giving away more than 700 million STRK tokens . However, in the past week, there have been allegations that the Starknet team has sold many of their tokens to the community, causing the price of STRK to fall below $2. Apart from that, there were also errors in token issuance.

However, the rise in TVL suggests that the situation may have changed. If TVL decreases, it will indicate that market players are cautious about adding liquidity to Starknet. Therefore, an increase in TVL implies that market players trust this L2. If TVL continues to increase, then STRK may have a chance to rise higher than its current value.

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However, TVL alone cannot determine whether STRK prices will increase or not. One of the metrics to consider is development activity. Development activity shows whether a project is launching new features on its network. This metric tracks public GitHub repositories on the network. 

When this metric increases, it indicates that developers are rolling out new features. Thus, the decline in Starknet development activity indicates that developer code commits have slowed down. This metric reading can be considered a bearish sign.

When it comes to the supply of stablecoins on the network, on-chain data from Santiment shows that there has been some improvement. Currently, the supply of stablecoins held by whales has increased to 53.99. The increase here indicates that whales have enough buying power which may be enough to trigger a surge in STRK prices.

Going forward, STRK price may stabilize or increase significantly. One of the reasons could be related to the changes made per its token unlocking schedule. Another factor that can influence its price is ETH. If ETH rises towards $3,500, betas like STRK may also rise.

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 price chart movements for STRK Network (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:

STRK Airdrop: 1.3 Million Wallets Get Free Airdrop of $STRK Tokens

Starknet Begins to Respond to STRK Token Airdrop Issues

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

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.