🚀😢Reason for dumping STRK coins😂🚀

🎉🎉STRK trading surges on major exchanges after 128M Starknet airdrop⚠️#strk#STRK#PIXELNow

Many users are selling and trading their airdropped STRK tokens, with Starknet peaking at $3.42 less than an hour after its launch.

Parachuting users took advantage of Starknet's hype, selling a large portion of their holdings on multiple exchanges. The token was trading as high as $7 on exchanges like Binance and KuCoin due to initial demands and liquidity.

Lookonchain data shows that Flow Traders, a popular liquidity provider, received five million STRK tokens in the airdrop, selling 653,000 for $2.48 million. Nethermind, a research solutions provider for Starknet, received 10.25 million STRK tokens, worth approximately $23 million. So far, Nethermind has sold more than 700,000 STRK, according to data from Etherscan.

The early sell-off impacted STRK's volatility, with the token falling nearly 44% from its peak price earlier in the day. Strong optimism about Starknet's performance remains, as today's airdrop is just the first phase of a larger plan to distribute 700 million tokens. The Layer 2 rollup network also has strong support from the developer community as it aims to solve Ethereum's scalability problem and reduce costs.

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