$SPK Just launched and dropped sharply for two reasons
Large short positions concentrated selling pressure erupted, suspected giant whale collaborating with the dog dealer
SPK's initial circulating supply is 1.7 billion, accounting for 17% of the total supply. Binance has initiated a "HODLer airdrop," distributing 200 million tokens to users. This type of airdrop does not require interaction with the protocol; you can receive tokens passively, attracting many looking for short-term arbitrage.
Within 24 hours of launch, approximately 300 million SPK (peak value of 18 million USD) were concentrated and sold off, early holders rushed to cash out, and the selling pressure was frighteningly high.
The market simply cannot withstand it
The order depth right after the launch is already thin, with insufficient liquidity; the massive short-term selling pressure cannot be absorbed at all.
The market changes rapidly, and opportunities are fleeting.
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