Starknet Token Launch Left in Mystery as Whale Receives Mammoth Airdrop

Lookonchain shared, in an X post, that an anonymous wallet received an airdrop worth $3 million via 1,361 wallets. Specifically, the airdrop featured 1.432 million STRK, the native token for the Ethereum layer-2 scaling solution Starknet.

According to reports, Starknet commenced distributing 700 million tokens to approximately 1.3 million addresses as it marked the airdrop’s official launch. The token distribution plan allocates 50.1% to the Starknet Foundation for community programs, 24.68% to early contributors, and 32% to StarkWare employees and partners.

STRK, touted as the “largest airdrop of the year,” began trading at $5 on crypto exchange KuCoin but has since dipped to $3.50, showcasing early price swings. With an initial total supply of 10 billion tokens, reports claimed that the fully diluted value reached $35 billion, while the current market cap stands at $2.32 billion.

As of February 21, STRK has experienced a significant 13.69% decrease in trading in the past 24 hours, with the current price standing at $2.03. Despite this dip in value, STRK maintained a 24-hour trading volume of $1.58 billion.

CoinMarketCap’s data showed that STRK has a market cap of $1.48 billion and 728 million STRK tokens in circulation. Moreover, tokens in circulation represented 7.28% of the total supply, which is capped at 10 billion tokens.