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, for the reason that launch, it has skilled a big drop, plunging by double digits. This decline might probably 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 belongings (RWAs).
The SPK token performs a central position within the protocol. It can allow holders to take part in governance and stake tokens to earn Spark Factors rewards. The token entered the market yesterday via 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 asserting its itemizing in opposition to a number of buying and selling pairs. The alternate additionally introduced an unique SPK airdrop, distributing 2% of the entire 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 not 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 famous.
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 identical day.
The alternate categorised SPK underneath the seed tag. It’s used to determine cryptocurrencies of their early levels of growth which might be thought of high-risk and unstable. Coinbase additionally listed the token underneath the same Experimental Label.
“Spark (SPK) is now stay 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 adopted go well with and opened buying and selling for SPK on their platforms.
The token’s sturdy debut noticed it shortly 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.
Spark (SPK) Token Worth Efficiency. Supply: CoinGecko
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 23.7%.
The sharp worth correction raises questions on SPK’s near-term trajectory, although Spark’s sturdy positioning within the DeFi house suggests sturdy underlying utility for SPK. Because the airdrop declare interval continues, market contributors will carefully monitor SPK’s efficiency and skill to get well from the most recent promoting stress.
