Crypto News – Since Ethereum infrastructure company Nethermind and airdrop farmers dumped millions of dollars’ worth of airdropped tokens, the value of the two-day-old layer-2 Ethereum network currency, Starknet, has more than halved.
STRK Token Decline: Airdrop Hunters and Nethermind Drop Token Price by More Than 70%
According to CoinMarketCap data, the price of Starknet (STRK), which was airdropped to some users of the blockchain on February 20, has dropped by almost 60% and is currently trading around $1.92. After being listed on Binance, the price of STRK reached as high as $7.70; however, it has subsequently fallen 75.4%.
The price of $STRK has been falling since its launch,
Lookonchain
Possible Reasons Behind the Price Decline
Following the discovery of a second case of a STRK airdrop hunter aggregating wallets, Lookonchain said hours earlier that 1.2 million STRK worth $2.4 million had been transferred from over 1,800 distinct wallets to a single address. Almost 1,400 wallets transferred 1.4 million airdropped STRK, valued at approximately $3 million, to a single address in what Lookonchain claimed to have discovered on February 21.
Another factor that tempered the STRK airdrop was claims from Starknet users that they should not have received the payouts even if they had transacted thousands of dollars. To be eligible, individuals had to have at least 0.005 Ether, or roughly $10, in their possession on November 15, 2023, when the snapshot was taken.
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