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Starknet has seen an increase of $100 million in past seven days while the STRK price dropped down more than 34%.
Starknet is a permissionless decentralized validity rollup operating as an L2 over Ethereum. The platform enables any dapp to scale unlimitedly with compromising its security. The platform relies on the safest and most secure system called STARK. STARK tech ensures computational integrity by validating off chain transaction with advanced cryptography while overcoming Ethereum scale limitations.
The platform also employes native account abstraction which gives users a friendly experience. It is also one of the fastest growing L2 platform due to its novel approach to scaling while also making economically feasible to build complex dapps. Cairo, Starknet’s native smart contract language, allows developers to push the boundaries of their applications by allowing them to code any kind of business logic.
The Declining Trend Of Starknet
Starknet has recently launched a $5 Million grant program as a final push to help launch end stage products on starknet. They are looking to support atleast 20 teams with $25000 each. These initiatives are pushing a better sentiment towards the community. Despite these initiatives the daily active users are on a straight decline.The current active users on the platform are around 50 as per the data provided by Dune analytics.
Starknet has observed a consistent decline in the daily bridge. It has reached to low of 25 depositors and 258 eth deposited. Meanwhile, the number of daily transactions on the platform is currently at 52959 with a weak decline.The overall transcation fees on the Starknet is observing a continuous decline. It has declined from the highs of 234 ETH to 40 ETH.
Starknet TVL is currently at $255 Million while reaching the highs of $330 Million in the previous month. The overall developers count on the platform is also very high compared to other L2 Platforms. Various analysts are expecting a strong growth in users and TVL in upcoming years.
Are Bulls Of STRK Price Ready For $3?
Starknet has a market cap of $927 Million and is currently ranked 88th in the CMC. STRK has a total supply of 10,000,000,000 STRK in which 7.2% is circulating in the market. STRK token price is currently trading near the value of $1.27 with a drop of 6.25% in the intraday session. STRK is currently forming bearish candles on the daily chart. It is currently trading below the 50 EMA on the four chart. The upside trend of STRK can see a halt near the value of $1.5. The support of the asset price can be observed near $1.
RSI of STRK price is currently at 41 with a strong negative slope suggesting a bearish momentum. Meanwhile, MACD also suggests a strong bearish momentum in price in the future.
Conclusion
Starknet is currently observing a decline in the whales concentration and overall active users. The platform also recently launched a grant program to help launch dapps on the platform. STRK token price is currently in a decline with a bearish move. Despite that various analysts are expecting a strong growth in STRK in the future.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
