Starknet Token Dumped by Nethermind and Airdrop Farmers

Reported by Cointelegraph, Starknet has more than halved in price as Ethereum infrastructure firm Nethermind and airdrop farmers dumped millions of dollars worth of the airdropped token.

“The price of $STRK has been falling since its launch,” blockchain analysts Lookonchain wrote in a Feb. 22 X post.

It added it found Nethermind sold 3.41 million STRK worth over $6.7 million and warned “the selling may continue” as the firm still held over $12 million worth of the token.

Hours earlier, Lookonchain shared that it had found a second instance of a STRK airdrop hunter consolidating wallets, with 1.2 million STRK worth $2.4 million moving from around 1,800 separate wallets to a single address.

Yearn.finance developer Banteg had alleged ahead of Starknet’s airdrop that over 700,000 wallets of the 1.3 million eligible for airdropped STRK were linked to GitHub accounts controlled by airdrop hunters.

STRK’s airdrop saw a huge takeup when it launched, with 45 million STRK tokens secured in the first hour and a half after it started allocations.

So far, nearly 430 million STRK tokens — around 92% of the total available for distribution worth over $790 million — have been claimed by those eligible, according to data from Voyager.