cryptoglobe.com
The Ethereum layer-2 network, Starknet, recently made waves in the crypto community with its $STRK token airdrop, rewarding those who had staked Ethereum ($ETH) at the time of its snapshot. At least tow airdrop hunters notably made millions off of the airdrop.
Airdrops allow newly launched cryptocurrency projects to distribute their tokens and establish initial liquidity, while also serving as a marketing tool over the funds being distributed to the wider cryptocurrency community.
According to on-chain analytics service Lookonchain, one entity managed to receive over 1.4 million STRK tokens through 1,361 wallets that participated in the airdrop, meaning they received $3 million worth of the cryptocurrency.
It seems that someone received an #airdrop of 1,432,800 $STRK ($3M) via 1,361 wallets!
— Lookonchain (@lookonchain) February 21, 2024
The 1,361 wallets transferred $STRK to wallet"0x027c…9078" after claiming the #airdrop.https://t.co/xTUBOqB5Pr pic.twitter.com/XVGtAaUxjr
Starknet, a project aiming to enhance its role as an Ethereum scaling solution, dedicated 728 million STRK tokens for its airdrop campaign, with participants claiming over 200 million tokens within just a few hours.
The layer-2 scaling solution is distributing tokens to around 1.3 million Ethereum wallet addresses and has a total supply of 10 billion tokens. Over 50% of that has been allocated to the Starknet Foundation for airdrops, grants and donations, while 24.68% of its supply is being distributed to investors and early contributors of the project. The remaining are for employees, developer partners, and consultants, according to CoinDesk.
Lookonchain’s data found that more than one airdrop hunter managed to make millions off of Starknet’s distribution, as another entity made $2.4 million worth of the cryptocurrency by partnering with over 1,800 wallets.
Another airdrop hunter also received 1.22M $STRK($2.4M) via ~1.8K wallets.https://t.co/MCkUjWGFijhttps://t.co/LMR3FIDCGJ pic.twitter.com/Xzh80FF5lH
— Lookonchain (@lookonchain) February 21, 2024
As CryptoGlobe recently reported, a Ethereum ($ETH) whale has been accumulating the second-largest crptocurrency by market capitalization at a rapid pace, adding a staggering 54,721 ETH, valued at $155.7 million, in just 24 hours.
The whale’s accumulation, first spotted by on-chain analysis service Spot On Chain, began with the acquisition of 32,002 ETH for $90 million, including a swap of 60 million USDT for 21,353 ETH and a withdrawal of 10,649 ETH from leading cryptocurrency exchange Binance.
Following this, the investor bought an additional 22,719 ETH, worth $65.7 million, through further withdrawals and swaps on Binance and 1inch. The whale’s accumulation comes at a time in which the price of ETH has been surging, recently surpassing the $2,900 mark.
Featured image via Pexels.