Starknet’s (STRK) momentum weakens after Vitalik Buterin’s $1M exit
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Starknet’s native token was among the few digital tokens demonstrating strength as bears rattled the cryptocurrency market.
STRK soared over 16% from yesterday’s low of around $0.1529 to $0.1779 intraday high.
Meanwhile, the global cryptocurrency market cap dropped more than 2% in the past 24 hours to press time’s $4.03 trillion.
However, Starknet’s decoupling appears short-lived as bearish sentiments amplify, driven by sell-offs by key holders.
Lookonchain has highlighted that Ethereum co-founder Vitalik Buterin made an unexpected STRK transaction minutes before the market cooled.
He moved 6.29 million STRK tokens, worth roughly $1.09 million, to the Methuselah Foundation.
The non-profit medical company sold 607,318 STRK tokens almost immediately, pocketing around $104,000 in ETH.
Notably, Buterin has previously donated digital assets to the non-profit medical firm.
Meanwhile, the philanthropic transactions attracted the crypto community’s attention.
The transaction added new STRK supply at a time when traders were targeting short-term rallies after the altcoin’s latest surges.
The decentralized platform has performed well lately.
Starknet has gained more than 10% and around 25% the previous week and month.
The digital asset started to lose its upward steam hours after the transfers, indicating a potential momentum shift.
STRK has lost 10% from its daily high to $0.161 during this writing.
The price reactions reflect how considerable asset transfer can impact market psychology in cryptocurrency, especially when the recipient dumps soon after receiving the tokens.
Moreover, the sell-off came amid broader bearishness. Has the foundation booked profits after the latest rallies to escape possible declines?
STRK price forecast
Starknet’s native coin exhibits a bullish outlook, up over 4% the past day amid broader market slumps.
It’s over 100% increase in 24-hour trading volumes reflects healthy trading activity.
However, the daily chart indicates dwindling momentum, likely reflecting faded sentiments after Vitalik’s sell-off.
STRK is losing its upward momentum and will likely dip further in the coming sessions, especially as sellers dominate the overall market.
Similar sell-offs from top holders could extend Starkent’s downside struggles.
However, the L2 boasts strong fundamentals, including surging staking
Also, Ethereum L2 has enriched its ecosystem with decentralized features to attract new projects and developers.
Starkent launched Aura Cards to boost engagement via the social media site X.
The massive community could absorb the prevailing selling pressure.
That could see STRK stretching its upside and lead market-wide rallies amid broad-based gains.
One crypto trader anticipates massive breakouts from an accumulation zone. He believes STRK can rally to $0.80.
That would mean a nearly 400% gain from Starknet’s current market value.
However, broad-based rallies would be essential for such an explosive move.
The post Starknet’s (STRK) momentum weakens after Vitalik Buterin’s $1M exit appeared first on Invezz
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