Starknet and Vitalik Buterin’s STRK Sale: Effects on the Market
Starknet has experienced remarkable volatility in the cryptocurrency market in recent days and nearly lost its place in the market’s top 100. In this process, Ethereum co-founder Vitalik Buterin released 2.09 million STRK by sending Starknet’s STRK tokens to the Binance platform. This led to another turbulent day in the altcoin market. STRK had almost fallen to its all-time low before the fluctuations during the day. However, after this sale, the token recovered.
Vitalik Buterin Sells at a Loss
Vitalik Buterin’s sale of STRK tokens caused a stir within the cryptocurrency community. According to Kriptokoin.com, this transaction carried out by Buterin drew attention to the negative effects on the market. The founder of Ethereum moved STRK to Binance at a cost of approximately $800,000 based on current prices. However, analysts suggested that this sale resulted in Buterin losing $714,000 from STRK. If this is true, Vitalik will be left with only 15,862 tokens. This means Buterin is about to run out of STRK shares.
- Vitalik Buterin is known as one of Starknet’s seed investors.
- STRK was among its largest assets along with Ethereum.
- Last September, STRK holdings were unlocked, which had a negative impact on the market.
STRK Token Value is in Decline
Today, STRK was among the worst performing assets in the cryptocurrency market. Launched on the mainnet on February 20, 2024, this asset lost almost 90% of its value. STRK dropped to $0.34, just above the all-time low recorded in August, and later recovered slightly, exceeding the $38 level. However, this was not enough to allay investors’ concerns.
Starknet’s Transaction Speed Record
Starknet announced that it broke the transaction per second (TPS) record among Ethereum layer-2 networks. According to the team’s statement, Starknet reached “127.5 maximum TPS in the last 24 hours.” This major milestone occurred during a gaming stress test called “dress rehearsal for mass use via L2s.” This success of Starknet was achieved by surpassing Coinbase’s layer-2 network, Base. Base surpassed its 24-hour record of 79.92 TPS by a large margin.
Starknet’s spokesperson said in a statement about this success, “Overall, Base’s mission is to bring a billion people on-chain, and we know we cannot do this alone. Faster and cheaper on-chain transactions are an important step towards making this technology more accessible to everyone. “We believe that rising tides raise all boats, and we are pleased to see progress towards even faster on-chain transactions across the ecosystem.”
Conclusion
Vitalik Buterin’s STRK sale and Starknet’s transaction speed record stand out as important developments in the cryptocurrency market. However, STRK’s loss of value and the uncertainties arising from Buterin’s sale are situations that should be watched carefully for investors. In the cryptocurrency world, such fluctuations occur frequently and may vary. It is critical for investors to follow such developments in order to adapt to market dynamics.
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