SPK Token, the native token of Spark, launched on Tuesday after a lot anticipation. The token secured listings on main exchanges, together with Coinbase, Binance, and others.
Nevertheless, because the launch, it has skilled a major drop, plunging by double digits. This decline may seemingly be attributed to the post-airdrop sell-off.
Spark (SPK) Token’s Worth Plummets Put up-Launch
Spark is a DeFi platform that allocates capital on-chain by borrowing from Sky’s $6.5 billion reserves of stablecoins. The platform deploys this capital throughout decentralized finance (DeFi), centralized finance (CeFi), and real-world assets (RWAs).
The SPK token performs a central function within the protocol. It’s going to allow holders to take part in governance and stake tokens to earn Spark Factors rewards. The token entered the market yesterday through an airdrop.
“Section 1 of the Ignition Airdrop is now claimable. If you’re eligible, you’ll be able to declare between now and July twenty second, 2 pm UTC, and stake it for extra SPK with Overdrive,” Spark posted.
Notably, the SPK’s debut was accompanied by important market exercise, with Binance announcing its listing towards a number of buying and selling pairs. The alternate additionally introduced an unique SPK airdrop, distributing 2% of the full token provide (200 million).
“Binance is the primary platform to characteristic Spark (SPK), with buying and selling opening on June seventeenth, 2025, at 8:00 UTC. Eligible Binance customers with no less than 240 Binance Alpha factors can declare an airdrop of two,000 SPK tokens on the Alpha Occasions web page when buying and selling begins,” Binance noted.
Furthermore, SPK was added to Binance Easy Earn, Purchase Crypto, Binance Convert, Binance Margin, and Binance Futures, with as much as 75x leverage, all on the same day.
The alternate labeled SPK beneath the seed tag. It’s used to establish cryptocurrencies of their early phases of improvement which can be thought-about high-risk and risky. Coinbase also listed the token beneath the same Experimental Label.
“Spark (SPK) is now reside on Coinbase.com & within the Coinbase iOS & Android apps with the Experimental label. Coinbase prospects can log in to purchase, promote, convert, ship, obtain, or retailer these belongings,” the alternate wrote.
Along with these exchanges, KuCoin, OKX, Crypto.com, BitMart, Bybit, Bitget, MEXC, and WOO X followed suit and opened buying and selling for SPK on their platforms.
The token’s robust debut noticed it rapidly rise to an all-time excessive of $0.075. The SPK token additionally secured second place among the many prime trending cryptocurrencies on CoinGecko. Nevertheless, the preliminary pump proved short-lived.
Early buyers started taking income, resulting in a subsequent worth dip. At press time, the token’s worth fell to $0.057, representing a decline of 23.7%.
The sharp worth correction raises questions on SPK’s near-term trajectory, although Spark’s robust positioning within the DeFi house suggests robust underlying utility for SPK. Because the airdrop declare interval continues, market individuals will carefully monitor SPK’s efficiency and talent to recuperate from the newest promoting strain.
Disclaimer
In adherence to the Trust Project tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed info. Nevertheless, readers are suggested to confirm info independently and seek the advice of with knowledgeable earlier than making any choices primarily based on this content material. Please observe that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.