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.
However, because the launch, it has skilled a major drop, plunging by double digits. This decline may doubtless be attributed to the post-airdrop sell-off.
Spark (SPK) Token’s Price Plummets Post-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 position within the protocol. It will allow holders to take part in governance and stake tokens to earn Spark Points rewards. The token entered the market yesterday through an airdrop.
“Phase 1 of the Ignition Airdrop is now claimable. If you are eligible, you can claim between now and July 22nd, 2 pm UTC, and stake it for additional SPK with Overdrive,” Spark posted.
Notably, the SPK’s debut was accompanied by vital market exercise, with Binance announcing its listing towards a number of buying and selling pairs. The change additionally introduced an unique SPK airdrop, distributing 2% of the entire token provide (200 million).
“Binance is the first platform to feature Spark (SPK), with trading opening on June 17th, 2025, at 8:00 UTC. Eligible Binance users with at least 240 Binance Alpha points can claim an airdrop of 2,000 SPK tokens on the Alpha Events page when trading begins,” Binance noted.
Moreover, SPK was added to Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin, and Binance Futures, with as much as 75x leverage, all on the same day.
The change categorized SPK underneath the seed tag. It is used to establish cryptocurrencies of their early levels of growth which might be thought of high-risk and unstable. Coinbase also listed the token underneath the same Experimental Label.
“Spark (SPK) is now live on Coinbase.com & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets,” the change wrote.
In addition to those 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 sturdy debut noticed it rapidly rise to an all-time excessive of $0.075. The SPK token additionally secured second place among the many high trending cryptocurrencies on CoinGecko. However, the preliminary pump proved short-lived.
Early traders started taking earnings, resulting in a subsequent worth dip. At press time, the token’s worth fell to $0.057, representing a decline of 23.9%.
The sharp worth correction raises questions on SPK’s near-term trajectory, although Spark’s sturdy positioning within the DeFi area suggests sturdy underlying utility for SPK. As the airdrop declare interval continues, market individuals will intently monitor SPK’s efficiency and means to get better from the newest promoting strain.
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