As Ethereum rollup Starknet initiates distribution of 728m tokens to more than 1.3m addresses, traders are vying to take position in what could be the largest airdrop of 2024.
However, with STRK price plummeting -50% on launch, could this new meme coin be a better play as it heads for exchanges?
This article will provide an analysis of STRK’s current price trends and look to see whether a newer meme coin represents a more promising investment opportunity at this time.
Added $STRK – Starknet
– The unlocks have been adjusted, reducing the pressure on price
– FUD will be over, similar to what happened with $SUI and $SEI
– Incentives for the ecosystem have commenced
– Dencun upgrade will further reduce fees
Daily trading volume ~$700M!
Big… https://t.co/11MkWxdX3e pic.twitter.com/0Gu1rl4stl
— AlΞx Wacy (@wacy_time1) February 23, 2024
Despite large-scale discontent ahead of the launch, crypto community sentiment appears to be acutely positive surrounding the Starknet airdrop, with prominent traders already taking to X (formerly Twitter) to lay out their arguments for a bullish outlook on STRK.
STRK Price Analysis: As Starknet Airdrop Launches on Markets – What Early Signs Can Be Seen in The Chart?
As price action reels from a volatile launch on the market, Starknet is currently trading at a market price of $1.98 (Representing a 24-hour change of +2.8%).
This comes after an energized launch saw STRK price bounce between $0.19 and $7.73 – a huge volatility range that saw immense sell-pressure hammer STRK’s market open.
In the hours since, STRK price has begun to stabilize, establishing a tighter range between $1.75 and $2.33 as airdrop holders attempt to consolidate.
In a bullish sign, the consolidation above $1.75 has formed a sharp bullish pennant pattern – suggesting upside movement could be likely on the short-time frame.
Amid the excitement, trading volumes remain high at $88.89M over the past 24-hours, reflecting the gravity of the crypto market’s focus on this highly anticipated launch.
The extent of these trading volumes could fuel major volatility throughout the day, indeed, it still remains early for technical analysis – with key indicators not yet viable for analysis.
However, with Starknet’s market cap already stood at $1,456,577,923, compared to similar airdrops like PYTH ($815M) and TIA ($2.7BN) – it seems likely that STRK price will move larger than 2x on the short-time frame.
Indeed, in typical airdrop fashion, Starknet is likely due to face an initial period of sell pressure before price accrual can begin.
But while STRK price analysis might not allure late-entrants on the short-time frame, another token, soon heading for CEX listings – SPONGE V2 – offers a much better value proposition in the immediate future.
Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform STRK Price Analysis?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2, Staking Mechanics Explained and P2E Integration
Happy Friday mothaf**kas! $SPONGE #Web3 #Binance #KuCoin #100x #PEPE #FLOKI #BONK pic.twitter.com/av3oY6epLJ
— $SPONGE (@spongeoneth) February 23, 2024
Acquiring Sponge V2 is unique:
Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over STRK Price Analysis
Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.
Sponge V2 Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
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