$SPK
The core reasons for today's SPK crash (over 70%) can be summarized in two points,
💥1. Massive airdrop selling pressure concentrated explosion
- The initial circulating supply of SPK is 1.7 billion tokens (accounting for 17% of the total), of which Binance's "HODLer airdrop" distributed 200 million tokens to users. This type of airdrop can be passively obtained without protocol interaction, attracting a large number of short-term arbitrageurs.
- Within hours of its launch, approximately 300 million SPK tokens (peak value of 18 million USD) were concentrated and sold off, with early holders scrambling to cash out, resulting in a massive sell-off.
💥2. Insufficient market depth to absorb the selling pressure
- The order book depth of the newly launched exchange is weak, with a lack of liquidity, unable to digest the short-term massive sell-off, leading to a price flash crash.
- Even though the Spark platform has an 8 billion USD TVL and 6.5 billion USD in reserves, its token economic design is still trapped in a "farming leads to dumping" vicious cycle, similar to historical cases like Arbitrum and Starknet.
💎 Fundamental issue: The token model overly relies on airdrop incentives, attracting speculative capital rather than real users, triggering structural sell-offs. In the short term, we need to observe the progress of liquidity recovery and selling pressure clearance.
