18.06.2025 05:40

Spark's SPK token experienced a significant downturn, plummeting 23.7% following its highly anticipated launch and airdrop on Tuesday. Despite securing listings on major exchanges such as Coinbase and Binance, the token's price immediately faced considerable downward pressure. This sharp decline is widely attributed to a substantial sell-off by recipients of the airdropped tokens.


The SPK token is integral to the Spark DeFi platform, a protocol which strategically allocates its substantial capital reserves—borrowed from Sky's impressive $6.5 billion stablecoin holdings—across decentralized finance (DeFi), centralized finance (CeFi), and real-world assets (RWAs). Holders of SPK tokens gain participation in governance decisions and can stake their tokens to accumulate Spark Points rewards. The airdrop, announced by Spark as "Phase 1 of the Ignition Airdrop," allowed eligible users to claim their allocation between the launch and July 22nd.


Binance's involvement in the launch was substantial, including an exclusive airdrop distributing 2% of the total SPK token supply (200 million tokens) to eligible users holding a minimum of 240 Binance Alpha points. Trading commenced on June 17th, 2025 at 8:00 UTC, adding to the immediate market activity surrounding the SPK launch. Furthermore, Binance rapidly integrated SPK across several of its services, including Simple Earn, Buy Crypto, Binance Convert, Binance Margin (with up to 75x leverage), and Binance Futures, demonstrating significant confidence, albeit with a “seed” tag reflecting the inherent risks associated with early-stage cryptocurrencies. Coinbase, too, added the SPK token to its platform, although the specifics of its listing were not detailed in available information from internet sources.