. The token's market cap is approximately $2.47 billion according to CoinGecko. However, its fully diluted valuation (FDV) is a massive $34 billion currently.
. If $STRK's FDV was considered its actual market cap, it would rank as the 6th largest cryptocurrency globally, positioned between $SOL and $XRP.
. The distribution of $STRK's tokens has raised concerns among the crypto community due to nearly half of the total supply being allocated to the project, team, and investors.
. There is significant worry over the planned release of 13% of $STRK's total supply to the team and investors in early April.
. Initially, $STRK traded at a high of $5 on Kucoin, but it dropped to as low as $2.27 before climbing back over $3, as reported by CoinGecko.
This news discusses the trading debut of Starknet's $STRK token, its market cap, concerns about token distribution, and the token's price fluctuations in the early trading phase.
Based on the information provided in the post about Starknet's $STRK token, there are both positive and negative aspects mentioned that could potentially influence the token's future price movement.
Positive factors:
1. The token recorded a high trading price of $5 initially.
2. It rebounded from a price slump to over $3.
3. The token's FDV of $34 billion indicates significant market interest.
Negative factors:
1. Concerns raised by the crypto community about tokenomics and distribution.
2. High allocation of the token's total supply to the project, team, and investors.
3. Specific worry about the release of 13% of the total supply to team and investors in early April.
In this context, the negative factors such as criticism from the crypto community and the large allocation of tokens to the project and investors could potentially weigh on the token's price movement. However, the high market interest reflected in the FDV and the initial positive trading price could also indicate bullish sentiments. Considering both positive and negative elements, the future price direction of Starknet's $STRK token remains uncertain and could be influenced by a variety of factors.
