Bitcoin price rose to the resistance level of $53,000 before returning to $52,000, and profit-taking has paused for now. For altcoin investors to see further increases, the king cryptocurrency needs to continue lingering in the current range. On the other hand, a few hours ago, Binance and other exchanges listed the STRK Token.
Starknet (STRK) Coin
Ethereum layer2 solutions have introduced new players to the crypto ecosystem with airdrops during the bear market. Today, Starknet’s native token STRK Coin began trading on exchanges. As with other examples, popular exchanges conducted simultaneous listings, and Binance was included in this list.
The airdrop claim screen was overwhelmed with requests for a total of 45 million tokens within 90 minutes of opening. The Binance listing occurred 1.5 hours before the US stock market opened, and the price surged to $7.71. At the time of writing, the price is finding buyers at $3.11.
Approximately 1.3 million wallets will be eligible to request the token, and criteria that have disappointed many airdrop hunters have been hotly debated on social media for days. The Starknet Foundation will distribute 700 million tokens across 9 categories and will also offer the opportunity to stake and participate in the network in the future.
Starknet (STRK) Coin Price Target
Ethereum‘s pioneering layer2 solution with zero-knowledge proof rollup (ZK-rollup) technology positions STRK Coin as a significant player in its field. For expectations regarding price performance, we can look at similar tokens. Alternatives like ARB and OP are important in this regard. According to Coinmarketcap data, STRK Coin has a circulating supply of 728 million and a maximum supply of 10 billion, which means 7.28% is currently in circulation.
The market value is $2.14 billion, which seems reasonable compared to Arbitrum’s market value of $2.6 billion. The comparison with ARB and OP suggests that the $7 peak could be surpassed in the months to come.
While $3 might be a reasonable peak for STRK Coin, the unit price could reach $4.26 if the market value hits $3 billion. It is difficult to discuss support and resistance levels at this time. It should not be forgotten that the real peaks in Binance listings usually occur within a month of listing.
In the case of this particular listing, the $7 level may be inflated due to an excessively optimistic general market sentiment, which is very different from when other Ethereum l2 tokens were listed.
