Is the Altcoin Team Selling? They Deposited Approximately 9 Million Dollars in Three Months

Starknet's team, one of the altcoin protocols, may be making millions of dollars in sales.

According to the information shared by the blockchain analysis platform Spot On Chain, a wallet belonging to the Starknet team transferred 2.6 million STRK (worth approximately 2.42 million dollars) to Wintermute Trading OTC 6 hours ago.

This wallet received 149.5 million STRK ($530 million) from the StarkNet: Token Distributor contract 1 year ago. A similar transaction was made last month and 7.47 million STRK (approximately 8.7 million dollars) was transferred in the last three months.

Starknet and ZK-Rollup technology

Starknet is a Validity-Rollup (aka ZK-Rollup) Layer 2 network that runs on Ethereum and greatly increases the scaling of dApps without compromising security.

Starknet aims to shorten transaction times and reduce costs compared to Ethereum. In this way, Starknet is preferred for large amounts of token transfers or large-scale transactions.

Such large-scale transactions often reflect positive expectations about the market value of the cryptocurrency in question and can be a noticeable indicator for investors.

Such major transfers made by the Starknet team recently are considered as an indicator of the trust in the STRK token and the belief in the future potential of the platform.