SPK’s Binance HODLer airdrop distributed 200M tokens (2% of total supply) to users who staked BNB between June 10–14. Recipients immediately sold ~300M SPK ($18M at peak prices), overwhelming demand. With 17% of supply circulating at launch, the sell-off triggered a liquidity crisis on exchanges, where order books lacked depth to cushion the drop. This mirrors historical airdrop failures (Arbitrum, Starknet), where tokenomics prioritized short-term rewards over sustainable demand 👀