SPK token listing breaks below issue price: Despite support from Coinbase and Binance, it still plummets by 23.7% #SPK #Altcoin #Binance
Soaring high and then retreating on the first day of listing, 200 million airdrop triggered a selling frenzy
On June 17, the native token SPK of the DeFi platform Spark was launched simultaneously on over 10 major exchanges including Coinbase and Binance, with the opening price soaring to $0.075, briefly ranking second on CoinGecko's list of popular coins.
However, affected by the airdrop unlocking, the price quickly plummeted, falling to $0.057 as of the time of publication, with a 24-hour decline of 23.7%.
As the launch platform, Binance not only opened 7 types of trading including spot and futures but also airdropped 2000 SPK (accounting for 2% of the total supply) to users holding 240 Alpha points.
Coinbase has classified it as an 'experimental token', concurrently opening deposits and trading. However, this high-spec listing failed to support the price, instead triggering a sell-off due to early investors taking profits — data shows that out of a total supply of 200 million SPK, approximately 4 million airdrop tokens entered circulation on the first day, becoming a direct catalyst for the price drop.
The dual attributes of SPK: governance token and yield certificate
As the core token of the Spark Protocol, SPK serves both governance voting and staking reward functions. Holders can participate in platform parameter adjustments while earning Spark Points rewards through staking SPK.
The protocol relies on Sky's $6.5 billion stablecoin reserve to deploy funds in DeFi, CeFi, and real-world assets (RWA), aiming to create a cross-chain capital allocation hub.
Technical indicators show that SPK has short-term broken below the support level of $0.06, the RSI indicator has reached the oversold range of 35, and MACD shows a death cross pattern. However, the platform emphasizes that its total locked value (TVL) of $7.9 billion and diversified asset allocation model provide fundamental support for the token, and it will enhance token usability through liquidity mining and new feature launches.
The listing dilemma of emerging tokens: liquidity and speculative games
'Price fluctuations in the early stages of new token listings are usually determined by chip distribution,' noted crypto analyst Alex Wang, pointing out that the core issue SPK faces is the liquidity shock caused by the concentrated unlocking of airdrop tokens.
Although the coordinated listing on multiple exchanges provides initial liquidity, the 'high-risk label' from Coinbase and Binance has also intensified short-term speculative sentiment.
It is worth noting that exchanges such as OKX and KuCoin have opened SPK leveraged trading, with a maximum leverage of 75 times; this tool may amplify volatility but could also trigger a chain liquidation.
The market is generally focused on the chip locking situation after the airdrop claim deadline on July 22. If the staking rate increases, SPK may welcome a short-term rebound window.
