Starknet Drops 27.9% After Rally and Upcoming Unlock
The drop follows a monthly rally of more than 213%, while Starknet unlocks 127 million STRK later this week. The market is also watching the debate over a possible move from Layer 2 to Layer 1.
Key Takeaways
- Starknet fell 27.9% in 24 hours, making it the worst-performing token in the top 300 crypto assets.
- The price rally of more than 213% was fueled by news about a possible move to an independent Layer 1.
- On October 15, Starknet unlocks 127 million STRK, equal to 3.37% of the freely tradable supply.
Starknet (STRK) is today’s worst-performing token in the top 300 crypto assets after the price dropped 27.9% in 24 hours. The pullback follows a monthly rally of more than 213% and comes at a time when the broader market also slipped.
Strong Rally Reverses
STRK was trading around $0.08675 (€0.078), according to BeInCrypto Markets. That still puts the token well above where it was a month ago, but the recent drop has erased part of the gains from the past few weeks. On October 11, the price climbed to $0.1265 (€0.11), its highest level since early December.
The move higher started mainly after a Starknet post on X on October 8. The network said then that it is considering moving from an Ethereum Layer 2 to an independent Layer 1. According to the team, that would make Starknet the first fully quantum-resistant network in 2027.
That message tapped into a broader debate in crypto. Experts see quantum computing as a possible threat to the current security of blockchains, because stronger computers could eventually put existing cryptography under pressure.
New Users and More Activity
The rally also brought in new users. The number of new addresses hit a record of 1,166 STRK wallets in a single day. Active addresses rose to 2,822 on October 11, the highest level since February 21, 2024.
That day lined up with the local peak in the price. Analyst Santiment called it a classic FOMO pattern, where new participants jump in after a strong move is already visible. According to the company, that raises the chance of a quick pullback.
The broader crypto market also played a role. Total crypto market cap fell 4%, which added more selling pressure on STRK. That fits into a broader phase where altcoin trading is picking up again, but the market still is not giving a clear sign of a new altseason.
Unlock Adds Extra Pressure
Later this week, the rally gets another test. On October 15, Starknet unlocks 127 million STRK, equal to 3.37% of the freely tradable supply. According to Tokenomist, the batch is worth more than $11 million (€9.8 million) and goes to early contributors and investors.
The unlock is part of a monthly schedule that runs through March 2027. That does not automatically mean all tokens will be sold right away, but it does increase supply at a time when STRK has already run up sharply.
According to Santiment, the biggest wallets are still holding up for now. The top 10 addresses together hold about 7.09 billion STRK, the highest combined balance since April. The coming unlock will show whether those large wallets keep absorbing the extra supply once it hits the market.
