STRK price drops more than 82% from high of $12.6 – One Starknet airdrop hunter receives $3 million

The Ethereum Starknet Rollup set the stage for the most significant airdrop of the year, distributing a staggering 728 million STRK tokens to approximately 1.3 million addresses. This initiative has attracted the attention of the crypto community, with the possibility of one airdrop hunter receiving 1,432,800 tokens, worth approximately $3 million, through 1,361 wallets.

The distribution process, detailed by Lookonchain, revealed that after the airdrop, these 1,361 wallets quickly transferred tokens to the address 0x027c…719078.



The impressive scale of this airdrop is further emphasized by the total initial STRK supply, which stands at a remarkable 10 billion tokens. The fully diluted value (FDV), which reflects the theoretical market capitalization if the entire supply were in circulation, reached a staggering $35 billion. However, the actual market capitalization, calculated by multiplying the current circulating supply by the token price, stands at $1.4 billion, according to Coingecko. This helps STRK occupy position 60 on the capitalization rankings.


Source: Coingecko

50.1% of STRK's supply has been allocated to the Starknet Foundation for airdrops, grants, and community donations. 24.68% of the total STRK supply will be distributed to early contributors and investors, while 32% is given to StarkWare employees, consultants, and development partners.

A unique feature of the token distribution plan is a gradual unlock over a 31-month period, starting in April. This approach aims to maintain stability and prevent market volatility associated with large token issuances.

Starknet's importance lies in its role as a layer 2 network using zero-knowledge cryptography. This advanced technology allows DApps on the Starknet network to scale the Ethereum blockchain efficiently. By bundling offchain transactions into a single proof sent to Ethereum, Starknet aims to speed up transaction processing, ultimately reducing fees for users.

After launch, the STRK token was listed on major exchanges including Binance, KuCoin, and OKX. According to CoinGecko, at the time of writing, it is trading for $2.19 – down more than 82% in value since its high of $12.60.



STRK price chart. Source: TradingView

According to data from TokenFlow, to date, about 51,000 users have claimed the token, accounting for 4.8% of the total number of eligible users. This number includes 69,859,276.8 tokens out of the nearly 600 million that the project team, Starkware, has allocated for distribution.