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Starknet’s STRK Drops 53% Amid Token Issuance Criticism

Starknet’s STRK tokens lost half their value after going live for trading on Tuesday, while the team faces ongoing criticism around a 2022 token generation event. Data shows that STRK has been down 55% in the past 24 hours, with over $1.2 billion in trading volumes. Only $3 million worth of STRK futures were liquidated, suggesting most of the selling pressure was spot-driven. Some 728 million STRK were distributed to around 1.3 million addresses based on predetermined criteria, such as participation on the blockchain and in its community. Starknet is an Ethereum rollup platform that allows applications to scale using zero-knowledge proof technology.

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