Perpetual Futures Market Reacts to Upcoming Airdrop

The crypto community is abuzz as Starknet prepares to roll out its STRK token airdrop on February 20th. In the lead-up to this event, the perpetual futures market has seen a notable uptick in activity for STRK. Despite a minor 24-hour price dip of 1.14%, the mark price currently stands at $1.78, indicating sustained interest in the token’s future performance.

Traders Hold Steady Despite Volatility

The trading volatility ushered in by the airdrop anticipation has not shaken market sentiment. The buy/sell volume ratio over the past day shows a predominance of buy orders at 55%, compared to 45% sell orders, hinting at a collective trader optimism for STRK’s value post-airdrop.

Open interest in STRK-USD futures remains strong, with over $750,000 worth of active contracts. This figure represents the traders’ bets on the future price movements that the upcoming airdrop is expected to trigger.

The Starknet Foundation’s Token Distribution Initiative

Starknet Foundation, the Ethereum layer-2 scaling solution, is orchestrating the STRK token airdrop, which will last from February 20 to June 20. This event will see over 700 million tokens distributed to a wide array of recipients, including Starknet users, Ethereum stakers, and even non-Web3 open-source contributors.

The airdrop aims to reach approximately 1.3 million wallets, contributing to the broader goal of allocating 1.8 billion STRK tokens. Notably, Ethereum stakers and developers who have not previously engaged with Starknet will also be included in this token distribution.