Starknet (STRK) experienced a 27.9% price decline over the last 24 hours, marking it as the worst performer among the top 300 cryptocurrencies. Despite this drop, the token maintains a 213.82% gain over the past month, having recently reached a 10-month high of $0.1265 on October 11.
The recent rally followed an October 8 announcement regarding a potential transition from an Ethereum Layer 2 to a standalone Layer 1 network, with a target date of 2027 for quantum resistance. This surge in interest led to a record 1,166 new wallets in a single day, while active addresses hit 2,822 on October 11.
Market pressure is intensifying as Starknet prepares to unlock 127 million STRK tokens on October 15, representing 3.37% of the circulating supply. This batch, valued at over $11 million, will be distributed to early contributors and investors, who are scheduled to receive tokens through March 2027.
The distribution includes 66.61 million STRK for early contributors and 60.39 million STRK for investors. While retail interest has cooled, the top 10 wallets currently hold approximately 7.09 billion STRK, representing their highest combined balance since April.
