SPK Token Drops 13.3% After Major Airdrop: $36.7M Volume Amid Ongoing Sell-Off

Spark (SPKUSDT) experienced a significant price decline in the past 24 hours, with the price dropping 13.3% to $0.042581 on Binance. This sharp decrease is primarily attributed to heavy selling pressure following the large-scale airdrop event, where early recipients quickly sold their tokens after SPK was listed on major exchanges, including Binance and Coinbase. The initial distribution of 300 million tokens, representing a substantial portion of the circulating supply, led to a rapid influx of tokens on the market and contributed to heightened volatility and a steep price drop of over 60% since launch. Despite strong protocol fundamentals, such as $7.9 billion in total value locked and substantial stablecoin reserves, market sentiment remains cautious as traders assess the sustainability of the current valuation amid ongoing profit-taking and limited liquidity on some platforms. Over the last 24 hours, SPK traded with a volume of approximately $36.7 million and a market capitalization near $700 million, reflecting continued high activity but persistent downward pressure.