Journalist
Posted:
- The price of STRK fell by more than 50%.
- STRK was attacked as the airdrop continued.
The Starknet [STRK] The Foundation’s airdrop of 700 million STRK tokens was fully implemented on February 20.
About 5 million tokens were claimed in the first five minutes, as reported by the Starknet Foundation.
Notably, STRK briefly reached a trading value of over $3 during this period, representing an increase of approximately 50% from its price before the launch of the futures market.
This surge increased the fully diluted valuation (FDV) to approximately $30 billion.
According to the team post on X (formerly Twitter), over 400 million STRK had been claimed as of the current update.
However, the airdrop encountered challenges and did not start as smoothly as expected.
Problems have been noted with the Starknet airdrop
According to a Look at chain post, an individual received more than 1.4 million Starknet tokens, equivalent to approximately $3 million, distributed across 1,361 wallets.
Then, all these funds were consolidated into a single wallet address.
In addition, another airdrop fighter received 1.22 million STRK, worth $2.4 million, through 1,800 wallets. This amounted to a total of $5.4 million.
The action of these wallets is identified as a Sybil attack, a tactic that involves creating multiple accounts to simulate multiple individuals at once.
The aftermath of such Sybil attacks impacts the price of the asset as it gives the attacker the opportunity to manipulate the price of the asset.
STRK faces a sell-off as the price falls
Starknet has experienced a significant increase in trading volume over the past 24 hours, as reported by CoinMarketCap. At the time of writing, volume had increased by more than 6,000% to over $1.8 billion.
However, Spot on chain data reveals substantial sales activity of STRK tokens.
An analysis of the data showed that Nethermind, an operator of Lido nodes, received 10.25 million STRK and subsequently sold more than 959,000. The STRK sold was approximately $2.31 million.
At the time of writing, they held 9.24 million STRK.
Additionally, Flow traders received 5 million STRK and sold 4.543 million on various exchanges, generating almost $17 million at a selling price of more than $3 per token.
At the time of writing, the wallet contained approximately 457,000 STRK.
Source: CoinMarketCap
A price analysis showed a decline of approximately 50% from the listing price at the time of writing.