Since its launch two days ago, Starknet's token (STRK) has experienced a significant downtrend, losing over half of its value.

This sharp decline is attributed to the massive sell-off by both airdrop hunters and major recipients of the token.

Notably, the Ethereum layer-2 network token was heavily impacted after Nethermind, a firm involved in Ethereum infrastructure, along with a slew of airdrop farmers, decided to offload millions of the airdropped tokens into the market.

The valuation of STRK plummeted nearly 60%, dropping to trade below $1.90 from its initial high of $4.41 on February 20, according to CoinGecko data.

However, the price experienced a more dramatic fall upon its listing on Binance, where it momentarily peaked at $7.70, only to subsequently nosedive by 75.4%, settling below the $1.90 mark.