Starknet's STRK tokens plunged more than 50% on their first day of trading, suggesting that many recipients may have sold immediately after receiving their allocations, CoinDesk reported. Market observers have criticized the Starknet team and investors for their token unlocking plans. Data shows that STRK has fallen 55% in the past 24 hours, with trading volume exceeding $1.2 billion. Only $3 million in STRK futures were liquidated, suggesting that most of the selling pressure came from spot trading. About 728 million STRK were distributed to about 1.3 million addresses based on predetermined criteria, such as participation in blockchain and community activities. Selling pressure suggests that recipients may be selling tokens as quickly as possible. Starknet is an Ethereum rollup platform that allows applications to scale through zero-knowledge proof technology to prove the authenticity of a set of data without revealing the data itself. As of Tuesday, the team said on X that more than 100,000 wallets had claimed more than 220 million STRK.