Starknet’s STRK sees volatile market debut following airdrop

• Starknet (STRK) price swung sharply as trading opened on major crypto exchanges.
• The Starknet Foundation’s distribution of STRK to eligible airdrop participants started at 12:00 UTC.

The price of STRK, the native token of Ethereum Layer-2 platform Starknet, has dropped sharply after its market debut.

On the crypto exchange KuCoin, STRK rose as high as $5 before swiftly falling to lows of $2.10. Meanwhile, data on CoinGecko showed the token’s value rose to $4.41 on most exchanges but also fell sharply – STRK declined 47% to $2.30 and was changing hands around $2.66 at the time of writing.

STRK trading and distribution live

The Starknet (STRK) price performance comes after the token’s distribution went live today February 20. Over 700 million tokens airdropped to 1.3 million addresses are now available for claiming, the Starknet Foundation announced on Tuesday.

At the same time, STRK began trading on major exchanges, including Binance, KuCoin and Bitfinex.

Starknet Foundation said the provisions program would see the community collect 50% of the airdrops with those to benefit including early contributors and Starknet users. Also eligible are StarkWare employees, Starknet developers and ETH stakers.

It’s time.

Congratulations to all those who have pioneered Starknet, and to everyone that will now guide its future!

To claim STRK, visit https://t.co/D7Jtse1JCP

Note: Provisions claims are open now, and until June 20th 2024. pic.twitter.com/flrtVrOZXC

— Starknet Foundation (@StarknetFndn) February 20, 2024

Binance, which added support for STRK trading today and announced support for the distribution to its ETH stakers, said it had distributed 10,178,280 STRK to all eligible users who staked ETH on its platform. The distribution was completed at a ratio of 10.26375 Binance said in an announcement.

STRK tradng on Binance opens at 13:00 UTC on February 20.