SPK Token, the native token of Spark, launched on Tuesday after much anticipation. The token secured listings on major exchanges, including Coinbase, Binance, and others. 

However, since the launch, it has experienced a significant drop, plunging by double digits. This decline could likely be attributed to the post-airdrop sell-off.

Spark (SPK) Token’s Price Plummets Post-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 across decentralized finance (DeFi), centralized finance (CeFi), and real-world assets (RWAs). 

The SPK token plays a central role in the protocol. It will enable holders to participate in governance and stake tokens to earn Spark Points rewards. The token entered the market yesterday through an airdrop.

“Phase 1 of the Ignition Airdrop is now claimable. If you are eligible, you can claim between now and July 22nd, 2 pm UTC, and stake it for additional SPK with Overdrive,” Spark posted.

Notably, the SPK’s debut was accompanied by significant market activity, with Binance announcing its listing against several trading pairs. The exchange also announced an exclusive SPK airdrop, distributing 2% of the total token supply (200 million). 

“Binance is the first platform to feature Spark (SPK), with trading opening on June 17th, 2025, at 8:00 UTC. Eligible Binance users with at least 240 Binance Alpha points can claim an airdrop of 2,000 SPK tokens on the Alpha Events page when trading begins,” Binance noted.

Moreover, SPK was added to Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin, and Binance Futures, with up to 75x leverage, all on the same day. 

The exchange classified SPK under the seed tag. It is used to identify cryptocurrencies in their early stages of development that are considered high-risk and volatile. Coinbase also listed the token under a similar Experimental Label.

“Spark (SPK) is now live on Coinbase.com & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets,” the exchange wrote.

In addition to these exchanges, KuCoin, OKX, Crypto.com, BitMart, Bybit, Bitget, MEXC, and WOO X followed suit and opened trading for SPK on their platforms. 

The token’s strong debut saw it quickly rise to an all-time high of $0.075. The SPK token also secured second place among the top trending cryptocurrencies on CoinGecko. However, the initial pump proved short-lived. 

Early investors began taking profits, leading to a subsequent price dip. At press time, the token’s price fell to $0.057, representing a decline of 23.7%.

The sharp price correction raises questions about SPK’s near-term trajectory, though Spark’s strong positioning in the DeFi space suggests strong underlying utility for SPK. As the airdrop claim period continues, market participants will closely monitor SPK’s performance and ability to recover from the latest selling pressure.