SPK, the native token of Spark, plummeted over 70% within hours of its June 17 debut on exchanges such as Binance, KuCoin, Bybit, and Bitget. After opening near $0.177, the token fell sharply to around $0.050 as airdrop recipients rapidly offloaded holdings. The drop erased more than $120 million in market value and raised concerns over the structure of the token launch.
SPX Price Chart | Source: TradingView
According to Coingecko data, over 300 million SPK tokens entered circulation within the first trading session. Binance alone distributed 200 million SPK to users who had passively staked BNB $643.4 24h volatility: 0.1% Market cap: $93.86 B Vol. 24h: $737.04 M in the prior week. Many of those recipients moved quickly to sell, applying heavy pressure to already thin liquidity across multiple trading venues.
Platform Maintains $8B TVL Despite Token Volatility and Exchange Warnings
Spark’s circulating supply started at 1.7 billion SPK, accounting for 17% of the total 10 billion token supply. That surge in available tokens overwhelmed early order books. With insufficient buy-side demand, prices collapsed in a familiar pattern seen with other airdrop-led launches.
This price behavior reflects a growing trend where large-scale airdrops reward passive users who exit positions quickly. Similar issues were observed with launches such as Arbitrum and LayerZero, where early momentum faded as liquidity drained.
Despite the weak start for SPK, the Spark platform maintains nearly $8 billion in total value locked across its DeFi ecosystem. The token distribution plan earmarks 65% for farming, 23% for ecosystem use, and 12% for contributors. Farming has not yet begun, and most early liquidity was directed at users not actively engaged in the protocol.
Exchanges including Binance and Coinbase have listed the token under cautionary labels, such as Seed Tag and Experimental, due to volatility and untested trading environments.
According to trader Niels (@Web3Niels), Co-Founder at Ted Labs, SPK gained 600% from its launch price with $500 million in trading volume, noting key resistance at $0.057.
$SPK by @sparkdotfi was a great launch.
Pumped nearly 600% from its launch and is still holding above $0.05
24-hr volume hit nearly $500M and Coinbase also announced a $SPK listing.
Talking from a chart perspective, $SPK needs to break above $0.057 for new ATH.
Keep an eye on… pic.twitter.com/FQpOwnhd9c
— Niels (@Web3Niels) June 18, 2025
SPK’s debut follows a now common trajectory. Tokens like ZORA, APT $4.44 24h volatility: 1.7% Market cap: $2.85 B Vol. 24h: $147.33 M , and KAITO all faced rapid declines after generous airdrops were followed by mass selling.
While some assets managed to stabilize, others remain well below their initial prices. Analysts note that unless projects shift toward rewarding long-term engagement, this cycle may continue.
Solaxy (SOLX) Presale Enters Final Phase With Over $54M Raised
Solaxy ($SOLX), a Solana-based layer-2 scaling network, is nearing the end of its presale ahead of its upcoming exchange launch. The project aims to reduce congestion on the Solana blockchain by processing transactions off-chain. Key infrastructure including a testnet, token bridge, and block explorer is already live.
The presale has raised more than $54 million, and users staking $SOLX can earn rewards at 78% APY. Investors can join using Solana SOL $145.7 24h volatility: 0.3% Market cap: $77.01 B Vol. 24h: $4.30 B , USDT, or a bank card.
To buy $SOLX at the current price of $0.001766, proceed to the official Solaxy website and connect a supported wallet like Best Wallet.
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