After Starknet’s STRK token rose about 120% in three days, it fell 30% over the next two, while network activity metrics that peaked on the same day as the price also dropped sharply.
Santiment’s weekly report covering October 7-14 revealed how the picture changed after STRK’s rapid rise. The analytics platform linked the roughly 120% rise between October 8 and 11 to plans for Starknet to return to its own blockchain coming into focus.
Network activity also accompanied the price jump. Active addresses, the number of new wallets, and investor sentiment all reached weekly highs on October 11. The fact that STRK’s price also peaked that day was a key point highlighted in the report.
Price and network activity fell together over two days
By October 13, the number of active addresses had fallen by more than 60% from its peak, while the number of new wallets was down about 80%. STRK’s price pullback reached about 30% over the same period.
As a result, the price and network activity that had strengthened together during the rally both weakened over the following two days. In particular, the decline in new wallets showed that the activity seen on the days when the price rose rapidly did not continue.
The figures in the report reflect the changes between October 11 and 13. The notable pattern for STRK was not only that its price retreated from its peak, but also that the network activity accompanying the rally fell back within a short time.
Not investment advice.