Starknet's Rally Faces Supply Test
Starknet (STRK) dropped 27.9% over the past 24 hours to trade at $0.08675, making it the worst-performing token among the top 300 cryptocurrencies today according to CoinGecko data. Despite the decline, the token maintains a 213.82% gain over the past month following a sharp rally that reached a 10-month high of $0.1265 on October 11.
The pullback coincides with broader market weakness, as total crypto market capitalization fell 4% during the same period.
What Sparked the Rally
The rally accelerated after Starknet announced on October 8 that it is considering a transition from an Ethereum Layer 2 to a standalone Layer 1 blockchain. The network stated it is "actively considering becoming an L1" with a target of becoming "the first fully quantum-resistant network, with 2027 as our target."
Network activity spiked alongside the price gains. New wallet creation reached a record 1,166 STRK addresses in a single day, while active addresses hit 2,822 on October 11—surpassing a previous peak of 2,579 recorded on February 21, 2024.
Analysts characterized the price action as a classic FOMO pattern, with new participants entering after the rally was already visible and creating crowded buying near the top.
Token Unlock Ahead
Starknet will unlock 127 million STRK tokens on October 15, representing 3.37% of released supply. Early contributors will receive 66.61 million STRK, while investors will get 60.39 million. At current prices, this batch is worth over $11 million.
The release is part of a monthly unlock schedule that continues through March 2027. Profits taken by recipients could add selling pressure to a market already cooling from its peak.
Starknet's largest wallets have continued accumulating tokens, with the top 10 addresses now holding approximately 7.09 billion STRK—their highest combined balance since April—even as retail enthusiasm cooled.
