SPK Today's Market: How High Can the Dead Cat Bounce After the Crash?
Airdrop turns into airstrike.
SPK's liquidity black hole is swallowing every bottom-fishing hand.
The cryptocurrency circle once again staged a textbook-level 'cutting leeks' scene.
Why did it crash 26% today? The core is just two points:
Airdrop army's nuclear explosion selling pressure.
Yesterday, SPK was listed on mainstream exchanges, and 3 million airdrop tokens were instantly dumped, with the price crashing from $0.1774 to $0.049, a 72% drop that directly penetrated all support levels. More critically, most of the airdrop recipients were BNB Stakers, who dumped the zero-cost chips mercilessly, while the thin buying pressure couldn't hold them at all.
The launch of contracts intensifies the death spiral.
Yesterday, mainstream institutions quickly launched SPK perpetual contracts with leverage up to 20 times, but the new contract's funding rate cap is only 0.5%. As a result, many shorts took the opportunity to increase their positions, and under the pressure of funding rates, the bulls were powerless to resist, with prices being directly locked at low levels by the arbitrageurs.
My opinion: Oversold rebound ≠ reversal, be careful of catching flying knives.
Reference case: After a 72% crash yesterday, SPK's RSI has reached 10, similar to the 8% intraday rebound after Arbitrum's crash in early June. But ARB then fell 30% due to the airdrop selling pressure not being exhausted.
The script for SPK has long been written: Airdrop Party Harvest → Contract Party Strangulation → Miner Party Picking Up the Corpse. After Gate's mining opens tonight, is it the last escape window, or a trap set by the whale?
