⚠️ Starknet (STRK) Holders Not Throwing in the Towel Ahead of Major Mainnet Upgrade
Ethereum layer-2 network Starknet (STRK) has struggled since its token launch in February. This issue is one reason only 8% of STRK holders are in profit.
Despite the drawdown, it appears that the cryptocurrency holders have decided to test the waters by steering clear from selling. Meanwhile, this on-chain analysis reveals more.
🔸 Starknet Hopes to Reclaim Its Lost Fortunes
A few days ago, Starknet disclosed the successful launch of the Parallel Execution and Block Packing upgrade on Testnet. The upgrade, geared toward gas fee reduction and a two-second block confirmation time, will go live on Mainnet on August 28.
Following the Testnet announcement, IntoTheBlock data shows there is an increase in the number of addresses holding STRK between the last 30 days and the last 365 days.
While the reason for this remains uncertain, the increase clearly indicates that holders remain optimistic about the token’s future potential. Likewise, it suggests that they are not ready to give in to the losses, regardless of the downturn experienced.
This resolve could be termed surprising considering the controversies Starkenet has been involved in. For instance, early adopters of the project were unsatisfied with the airdrop distribution in February.
Furthermore, the project experienced a notable plunge in user engagement, and more recently, the CEO stepped down. Interestingly, on-chain data reveals that there has been a notable improvement in network activity.
Specifically, new addresses, which refer to the number of participants completing their first successful transaction, have increased by 30.25% within the past week.
Similarly, active addresses, a metric measuring the number of senders and receivers on a blockchain, also jumped. If sustained, the rise in these figures is a bullish sign for Starknet and its native token.
