Starknet rallies despite millions in STRK exchange deposits, waning social dominance


  • Starknet sustained nearly 10% weekly gains and added 4% to its value on Saturday. 
  • STRK gains held steady despite Three Arrows Capital liquidators $2.63 million deposit to Binance. 
  • Teneo, the liquidator, holds 130 million STRK tokens; it is the second largest non-team holder of Starknet. 

Starknet (STRK), an Ethereum Layer 2 scaling solution has seen a surge in exchange deposits. The hedge fund manager Three Arrows Capital was liquidated by a British Virgin Islands court after prices plunged and the entity was unable to repay creditors. 

Three Arrows Capital’s liquidator Teneo deposited 2.18 million STRK tokens to centralized exchange Binace in the past three days. 

STRK price extends gains despite rising exchange deposits

STRK token’s largest non-team holder wallet is Three Arrows Capital liquidator Teneo. Teneo deposited 2.18 million STRK tokens worth approximately $2.63 million to Binance this week. The liquidator still holds 130 million STRK, worth approximately $157 million, in its wallet. 

Crypto on-chain intelligence tracker Spotonchain identified the move and shared details of the on-chain transaction in a recent tweet on X. 

STRK

STRK deposits by Teneo

Typically token deposits to centralized exchanges push asset prices lower as they contribute to selling pressure on the cryptocurrency. However, in the case of STRK, the token sustained nearly 10% gains from the week and rallied over 3% on Saturday, on Binance. 

Teneo could deposit more STRK tokens to exchanges in the coming weeks as the liquidator controls $157 million in STRK. 

Data from crypto intelligence tracker Santiment shows that STRK’s social dominance has waned since the beginning of May. Social dominance metric scores the asset on its mentions across social media platforms like X, and identifies the dominance of the token in crypto-related discussions. 

STRK

Social dominance of STRK

Another catalyst likely driving the STRK price rally is Ethereum co-founder Vitalik Buterin’s unlock and claim of 845,205 STRK tokens worth $1.07 million on Friday. 

Vitalik Buterin

Vitalik Buterin claims STRK

At the time of writing, STRK price is $1.246 on Binance. The token ranked in the top 15 most searched assets on Binance on Friday, per data from CryptoDiffer. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.

More Bitcoin News
Ethereum price jump spurs most significant ETF inflows in six weeks

Ethereum price jump spurs most significant ETF inflows in six weeks

​After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.

More Ethereum News
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.

More Crypto News
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory

Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory

Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP