Starknet's STRK Token Surges 16% as Trading Volume Jumps to $240M
The STRK token, native to the Starknet blockchain, has seen a significant surge in value over the past 24 hours, rising by about 16% to $0.057. This increase comes on the heels of a 26% jump on Saturday, with the token's trading volume jumping to over $240 million in 24 hours. The market capitalization of STRK has reached around $427 million, with the token gaining over 35% in the past week and more than doubling in the past month.
The rally is attributed to a combination of factors, including a bullish thesis posted by a crypto trader on X, which saw a sharp increase in Binance trading volume and futures activity. On-chain data also shows a wallet receiving a significant amount of STRK from Coinbase Prime, which matches the position displayed by the trader. The trader, known as Pumponomics, had accumulated around $740,000 worth of STRK during the week.
Starknet's recent announcement to cover bridge fees for the first 100 Bitcoin moved onto its network through strkBTC has also contributed to the interest in STRK. The network's goal is to attract Bitcoin holders and liquidity into its decentralized-finance ecosystem, with strkBTC being redeemable for native BTC. The upcoming mainnet deployment of Starknet v0.14.4 on October 5 is also expected to bring further technical improvements and support for large transactions.