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The Starknet price plunged 14% in the last 24 hours to trade at $2.054 as of 00:04 a.m. EST on trading volume that surged 112% to $1.6 billion.
After surging briefly on launch, the STRK price quickly plummeted despite an airdrop of about 700 million STRK tokens to reward its community, with over 220 million tokens claimed thus far. Qualified users have until June 20 to claim the remaining tokens.
Over 220 million STRK claimed!
Source: @_token_flow pic.twitter.com/IoDOZQFJ8W
— Starknet (@Starknet) February 20, 2024
STRK is not the only token to experience a decline in value after a significant airdrop on launch. The JUP price also plummeted after distributing approximately $700 million worth of tokens to its community.
As the project anticipates many more features set to change the decentralized future, can the price bounce back?
Starknet is preparing for a decentralized future – today marks a giant leap in that direction.
Over the past 12 months, the @Starknet community has laid the groundwork for today’s milestone.
The huge efforts around regenesis, the release of Cairo 1.0, the improved network… pic.twitter.com/GCsCXZHPrY
— Nethermind Starknet (@NethermindStark) February 20, 2024
Straknet Price Bullish As It Trades Above The Falling Wedge Pattern
Despite investor enthusiasm, the Starknet price has fallen to consolidate around $2, compared to its opening price of $7 on crypto exchange Binance. The bulls seem to sustain their momentum, using the falling wedge to test the $2.18 resistance level.
The STRK is trading on the same level as the 50-day Simple Moving Average, around the coin’s major support zone at $2.0476.
Additionally, the Relative Strength Index (RSI) is bouncing from the oversold regions, crossing the 50-midline level to 58. If there is sustained bullish momentum, the RSI could continue its upward trajectory towards the 70-overbought region, which may drive the price even higher, coinciding with the buying pressure.
The Moving Average Divergence Convergence (MACD) line (blue) supports the bullish prospects of STRK’s price, as it trades above the signal line (orange). This usually signifies a bullish crossover, indicating suitable entry points for traders. The green bars extending above the zero line, showing that the price is currently on a positive trajectory, further support this.
Starknet Price Prediction
Starknet’s 5-minute chart shows that the price may be rebounding for a bullish reversal. This is supported by the price breaching the upper boundary of the falling wedge pattern, with the bulls aiming for $3 resistance.
However, if the bears sustain a price retrace, the price may go further down to the next support level at $1.8.
Meanwhile, Smog offers another opportunity for investors looking for the biggest airdrop ever, and analysts say it has the potential for 100x gains.
$SMOG Surges 70% In A Week, Biggest Airdrop Ever Incoming
Smog, listed on Jupiter on Feb. 7, is the hottest meme coin right now, and analysts predict it could outperform other Solana meme coin stars including BONK, WIF, and MYRO.
With the coin establishing itself as a top Solana-based token, Smog has amassed over 23,000 holders and a 55,000 cross-platform community, pushing the market capitalization to around $50 million. $SMOG has surged 70% in the last week to trade at $0.06475.
The team has allocated 35% of the 1.4 billion Smog token’s total supply for airdrop rewards. The airdrop will be the greatest in history, it says.
One #Memecoin to rule them all!
Get ready for the greatest #Airdrop in history, distributed on #Solana.
Join #SMOG on Zealy!
Link in Bio pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The project is also distributing $1,500 worth of tokens daily through airdrops to other meme coins. Presently, its focus is on Bonk, Dogwifhat, Myro, and Samoyedcoin.
Buy $SMOG Now, Receive The Next Big Giveaway
To be eligible for the airdrop, you can acquire and hold Smog tokens. You can also accumulate airdrop points through active participation in Smog’s socials, managed by Zealy. This involves engaging in various quests and activities. There are already over 8,600 airdrop members on Zealy, with over 270,000 tasks completed.
You can also earn passive income through Smog’s staking protocol, which earns you 42% in annual rewards.
Crypto analyst and YouTuber Jacob Bury believes that SMOG still has the potential to surge another 100X.
You can buy the SMOG token on its official website to be eligible for the historic airdrop soon.
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