Spark crypto’s meteoric rise has fizzled, erasing recent gains in a dramatic collapse. Plunging over 57% from this month’s peak, it’s crashed to levels not seen since July 22, leaving investors reeling.
Summary
- Spark crypto price has plunged by 57% from its highest point this month.
- The total value locked in its ecosystem has jumped to a record high.
- Spark’s staking market capitalization has jumped to $155 million.
Spark (SPK) has lost some of its luster. Once boasting a $190 million valuation, the SPK token has plummeted to $0.08075, a fiery drop leaving its market cap smoldering at just over $89 million.
SPK falls despite rising staking inflows
Spark crypto token faces a fiery trial. Despite a $17 million surge in its staking market cap within 24 hours, now boasting a total of $155 million, the token’s price continues its downward spiral. This meteoric rise from a $65 million valuation on July 4th paints a perplexing picture: Investors are locking up their Spark, yet market confidence remains shaken. Is this a temporary disconnect, or a deeper chasm forming beneath the surface of Spark’s ecosystem?
A booming staking market cap? That’s not just good news; it’s a roaring vote of confidence! Stakers are doubling down, betting big on a future where prices don’t just rise – they soar.
SparkLend is on fire! The platform’s total value locked just blazed past $4.72 billion, fueled by a massive $11.4 million surge. Depositors are reaping the rewards, holding over $6.98 billion and enjoying a sweet $64.4 million in revenue.
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Savings accounts just got a serious upgrade! In the last day alone, a staggering $19 million poured in, pushing total assets to a hefty $2.26 billion. But that’s not all – zoom out to the last month, and you’ll see the entire network ballooning to over $7.3 billion, a breathtaking 17% surge!
Spark token holders, brace yourselves! While Spark promises potential, a hidden current of dilution could dampen its fire. Currently, a staggering 4.65 million new tokens, valued at $373,550, flood the market daily, according to CoinMarketCap. But the real test arrives next June: a colossal unlock of 904.6 million tokens. This isn’t a one-time event; these unlocks will continue to ripple through the market until 2035. The question is: can demand keep pace with this relentless influx, or will it erode the value of your Spark holdings?
Spark crypto price technical analysis
SPK price chart | Source: crypto.news
Spark token’s flame flickered and died, plunging from a July 23rd peak of $0.1900 to a dismal $0.083 in a matter of days, according to the 12-hour chart. The once-promising token has now breached the critical 61.8% Fibonacci retracement level at $0.0907, signaling a potential freefall.
SPK’s bulls just got KO’d! The price action sliced clean through the 25-period EMA, flashing a clear bearish signal. Adding insult to injury, the MACD has confirmed the downturn with a chilling bearish crossover – expect further downside pressure.
Spark token’s RSI has plunged from a feverish 90 to a cool 49, signaling a potential price nosedive. Brace for impact as sellers aim for the $0.06380 mark, the 78.60% retracement level, suggesting further downside pressure.
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