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SPK Token Crashes Over 70% After Launch as Airdrop Recipients Trigger Selloff
The native token of Spark, SPK, has crashed over 70% in value within a short period after its listing on exchanges like Binance, KuCoin, Bybit, and Bitget. The token’s value had initially soared following the June 17 launch, with some users taking advantage of the surge to sell their newly acquired tokens. This sudden selloff has wiped out more than $120 million in market capitalization.
The token’s price chart shows a sharp decline from its opening value near $0.177 to around $0.050. This drastic drop reflects the familiar pattern seen with other airdrop-led launches, where participants who received tokens through an airdrop sell their holdings rapidly. Similar issues have been observed in cases like Arbitrum and LayerZero.
Despite this rough start for SPK, Spark’s decentralized finance (DeFi) platform maintains nearly $8 billion in total value locked across its ecosystem. The token distribution plan allocates 65% to farming, 23% for ecosystem use, and 12% for contributors. Exchanges have listed the token with cautionary labels such as Seed Tag and Experimental due to volatility and untested trading environments.
It is worth noting that SPK’s debut follows a common trend where tokens initially gain value before plummeting after an airdrop.
Source: www.coinspeaker.com
