SPK Token Plummets Over 70% Following Airdrop-Driven Selloff
SPK, the token of Spark, dropped over 70% shortly after its June 17 launch on exchanges including Binance and KuCoin. The price fell from approximately $0.177 to around $0.050 due to airdrop recipients selling their holdings, resulting in a loss of over $120 million in market value.
- Over 300 million SPK tokens circulated during the first trading session
- Binance distributed 200 million tokens to users who had staked BNB
- The initial circulating supply was 1.7 billion SPK, or 17% of the total supply of 10 billion
- Insufficient buy-side demand led to a rapid price collapse
- Exchanges have labeled SPK listings as cautionary due to volatility
- Despite the launch issues, the Spark platform has nearly $8 billion in total value locked in its DeFi ecosystem
Analysts note that without changes to reward long-term engagement, similar trends may continue for new token launches. Other tokens like ZORA and APT also experienced significant declines post-airdrop.
Solaxy (SOLX) Presale Update
Solaxy's presale has raised over $54 million, nearing completion. The project aims to alleviate congestion on the Solana blockchain by processing transactions off-chain. Key infrastructure is live, and staking offers rewards at 78% APY.