Starknet [STRK] Foundation's recent airdrop encounters challenges amidst surge in trading volume. Learn about token claims, Sybil attacks, and significant sales activities.

The distribution of 700 million STRK tokens through the Starknet [STRK] Foundation's airdrop was successfully completed on February 20th. In the initial five minutes, approximately 5 million tokens were claimed, marking a swift uptake, with STRK briefly reaching a trading value exceeding $3. This surge represented a notable 50% increase from the pre-launch futures market price, propelling its fully diluted valuation (FDV) to approximately $30 billion.

As of the latest update shared by the Starknet Foundation on X (formerly Twitter), more than 400 million STRK tokens have been claimed by participants. However, the airdrop encountered challenges during its implementation, deviating from the expected smooth process.

A post on Lookonchain reported an individual receiving an astonishing 1.4 million Starknet tokens, equivalent to around $3 million, distributed across 1,361 wallets. These funds were subsequently consolidated into a single wallet address. Additionally, another airdrop participant received 1.22 million STRK, valued at $2.4 million, through 1,800 wallets, totaling $5.4 million. This orchestrated action from multiple wallets is identified as a Sybil attack, a maneuver involving the creation of numerous accounts to simulate a larger and simultaneous participation.

The aftermath of such Sybil attacks can have severe repercussions on the asset's price, providing the attacker with the ability to manipulate the token's value. Despite these challenges, Starknet has witnessed a significant surge in trading volume over the last 24 hours, with CoinMarketCap reporting an increase of over 6,000%, surpassing $1.8 billion.

However, Spot on Chain data reveals substantial sales activity of STRK tokens. Nethermind, a Lido node operator, received 10.25 million STRK and sold over 959,000, amounting to about $2.31 million. As of press time, they held 9.24 million STRK. Flow traders received 5 million STRK, selling 4.543 million across various exchanges and generating nearly $17 million at a selling price exceeding $3 per token. At the time of writing, the wallet held around 457,000 STRK.

A price analysis reveals a decline of approximately 50% from its listing price, indicating a dynamic and volatile market for STRK tokens.