SPK Surges 17% as XRP Ecosystem Tokens Experience Fresh Demand
Spark (SPK), the native token of Flare Network, surged by 17% in the past 24 hours, reaching a market cap of approximately $132 million and recording $764 million in trading volume. This price move is part of a broader trend in the XRP ecosystem, where multiple related assets have seen an increase in value.
The recent rally has carried momentum across multiple trading days, with SPK's current price level of $0.05 representing a substantial recovery from its 2024 lows. However, the token remains well below its initial listing prices from early 2023.
Liquidity depth on major venues for SPK is thinner than for large-cap assets, making it vulnerable to reversal risk. Additionally, a large supply overhang exists among early recipients who may not have sold their full allocation, which could impact the token's price in the future.