Spark Token continued his free fall on Wednesday, June 18, one day after the launch of his long -awaited AirDrop.
Spark (SPK) fell to a low point of $ 0.0470, a decrease in the highest point a day earlier. The decrease then reached its 24-hour trade volume by 80% rose to more than $ 378 million, considerably higher than the market capitalization of $ 83 million. The fully diluted appreciation also rose.
It crashed token, even when Spark’s ecosystem kept showing strength. According to Defi Lama, the total value in its network has risen to a record high of more than $ 6.66 billion, an increase of $ 6.48 billion in April.
SPARK offers capital allocation services on the chains, borrowing sky protocol (SKY) and allocating that capital on decentralized finances, centralized finances and real-world assets.
This allows users to also deposit Stablecoins to achieve returns. By websiteSpark’s Savings TVL is $ 3.29 billion, with an average savings percentage of 4.50%. The platform also enables users to borrow USDS and USDS+ against their liquid assets.
Why Spark Crypto Price crashed
Spark Token descended despite the fact that it was mentioned on large crypto fairs, including Binance, Coinbase, Bybit, OKX and Bitget.
Some of these platforms even offer incentives to attract investors. For example, OKX offers a reward of $ 100,000 to users who deposit USDC in the Spark USDC Savings Vault.
The decrease in token is probably connected to the ongoing crypto market downturn, which Bitcoin (BTC) and most altcoins have influenced. Popular tokens such as Virtuals Protocol, Dogwifhat and Kaspa each fell by more than 10%.
Another likely factor is that the expected token unlocks. Spark was launched with a circulating stock of 1.7 billion tokens, compared to a maximum stock of 10 billion, which means that 8.3 billion tokens will be released in the coming years, which the supply increases considerably.
It is typical of newly mentioned tokens to initially decrease, because AirDrop receivers start selling. For example, ZKSync (ZK) fell more than 30% in the early days before he was to a record high.
Likewise, Berachain (Bera) fell by 43% before he returned to a high point of $ 9.18. This suggests that Spark’s token can also recover in the coming weeks.
