The Arkham platform, known for its native utility token, ARKM, offers its users diverse services. Holders can trade crypto intelligence data, vote on the platform’s strategic direction, and earn rewards for contributing to the ecosystem. However, a noticeable drop in on-chain activities following an airdrop indicates a shift in the token’s utility and holders’ behavior.
Cryptoquant, a leading on-chain analytics provider, shared a Twitter post providing insights on the drastic drop in on-chain activity for Arkham Intelligence’s native token.
Following the airdrop, ARKM’s on-chain activity took a significant hit. Active addresses decreased by an astonishing 99%, while transaction volume experienced a sharp 98% drop. These metrics shed light on the token’s diminishing activity on the blockchain and may signal wavering interest among participants in the Arkham ecosystem.
The recipients sold a significant percentage of the airdropped tokens. An overwhelming 95% of the 63.7K wallets that received the airdrop sold their tokens. Additionally, of this percentage, a sizable 80% sold all of the tokens they had received, indicating a significant sell-off following the airdrop.
To further illustrate this trend, 97% of the 28.9M airdropped tokens were sold. Among these, 80% were completely sold off. This suggests that most airdrop recipients viewed this as an opportunity for immediate gains rather than holding onto their tokens for potential future profits.
Looking at specific instances, wallet laurakornelija (Wallet 0xf0d) received 24.9K ARKM and sold off 24.8K (99.6%), securing a profit of over 83 ETH. Another prominent recipient, stable mark.eth collected tokens from over 430 wallets and sent about 100K ARKM tokens (equivalent to 55K USD) to the exchange.
The rapid sell-off and declining on-chain activity clearly show the market’s reaction to the ARKM airdrop. While some might see these trends as a red flag, others may view it as an expected market response to such a significant distribution event. As always, vigilance and a keen understanding of market movements are paramount for success in cryptocurrencies’ dynamic and unpredictable landscape.
As of the latest update, Arkham’s trading price is $0.564196, generating a considerable 24-hour trading volume of $57,094,347. The price shows an encouraging uptrend, having risen 7.64% in the past day. According to CoinMarketCap’s rankings, Arkham currently occupies the 266th spot with a live market capitalization of $84,629,430. The circulating supply is 150,000,000 ARKM coins, while the maximum supply is capped at 1,000,000,000 ARKM coins. The bullish momentum surrounding Arkham is strong, and interest in the token is rising.