Starknet (STRK) has become the worst-performing token among the top 300 cryptocurrencies today, CoinGecko data shows. The token fell 27.9% over the past 24 hours as the broader market retreated.
The decline cuts into a triple-digit rally that had lifted STRK to 10-month highs. However, a key event later this week could put the rallys resilience to a tougher test.
Sponsored
Sponsored
A Quantum Pitch, a Wallet Rush, and a Sharp Reversal
STRK traded at $0.08675, according to BeInCrypto Markets data. Even after the daily drop, the token holds a 213.82% gain over the past month.
Follow us on X to get the latest news as it happens
Starknet (STRK) Price Performance. Source: BeInCrypto Markets
The rally gathered pace after Starknets October 8 post on X. The network said it is considering a move from an Ethereum (ETH) Layer 2 to a standalone Layer 1.
“We are actively considering becoming an L1. This would enable Starknet to become the first fully quantum-resistant network, with 2027 as our target,” the team said.
Following the announcement, the altcoin climbed sharply. It hit an intraday high of $0.1265 on October 11, its highest price since early December.
Sponsored
Sponsored
Starknet‘s pitch taps into a wider debate in crypto. Experts warn that advances in quantum computing could expose today’s blockchain encryption sooner than many expect.
The rally also pulled in a wave of new users. Network growth, which counts brand-new addresses, reached a record 1,166 STRK wallets in a single day.
Activity climbed alongside it. Active addresses, which count every wallet that transacted, reached 2,822 on October 11, Santiment data shows.
That topped the 2,579 recorded on February 21, 2024, a day after STRK hit its $4.41 all-time high. The latest spike landed right as the price hit its local peak.
Santiment said the timing fits a familiar market pattern.
“That is a classic FOMO setup. New participants often rush in after a huge rally is already visible, creating crowded buying near the top and increasing the odds of a short-term retrace. STRKs pullback afterward fits that pattern well,” it said.
Selling pressure also came from the wider market, where total crypto market capitalization fell 4%.
A Fresh Supply Wave Tests the Starknet Rally
With the broader market already weighing on prices, STRK now faces a supply event of its own. On October 15, Starknet will unlock 127 million STRK, according to Tokenomist data cited in BeInCryptos weekly roundup.
The release equals 3.37% of the tokens released supply. Early contributors will receive 66.61 million STRK, while investors will get 60.39 million.
At the current price, the batch is worth over $11 million. It belongs to a monthly schedule that sends STRK tokens to early contributors and investors through March 2027.
STRK Token Unlock. Source: Tokenomist
This months batch reaches them while STRK still holds a 213% monthly gain. Any recipients who take profits would add fresh sell pressure to a market already cooling from its peak.
Demand from the largest wallets has held up so far. Starknets top 10 addresses now hold about 7.09 billion STRK, according to Santiment.
That marks their highest combined balance since April. The firm noted that retail enthusiasm cooled while these wallets kept growing their positions.
The October 15 release will show whether the largest wallets keep absorbing supply once it reaches the market.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights