• Arkham Intelligence (ARKM) token launched on Binance Launchpad
• Initial hype saw the token reach $0.82 on first day of trading
• On-chain activity has since plummeted, with most airdrop recipients selling off their tokens
Arkham Intelligence Token Launches on Binance
Earlier this month, prominent cryptocurrency exchange Binance (BNB) announced its 32nd project on Binance Launchpad called Arkham (ARKM). The ARKM token airdrop took place on July 18, allowing over 60,000 participants to claim the altcoin. Once the public sale opened, one ARKM token went for $0.05 but quickly soared to $0.82 on the first day of trading as investors rushed to buy in.
Hype Subsides Quickly
However, recent data from CryptoQuant reveals a concerning decline in on-chain activity since the airdrop occurred. According to its latest report, the number of active addresses holding ARKM tokens has plummeted by a staggering 99%. Just ten days back, over 50,000 active addresses were holding ARKM tokens; however, this number had plummeted to just 47 at the time of writing. This indicates a significant loss of interest and engagement within the community. Additionally, transaction volumes have decreased by 98%, dropping from over 142 million to less than 4 million.
Mass Exodus of Airdrop Recipients
One of the key factors contributing to this downturn is the mass exodus of airdrop recipients. Out of the 63.7 thousand wallets that initially received the airdrop, 95% chose to sell their tokens – 80% liquidating all their tokens and 15% retaining only small amounts. Nearly all of these recipients dumped their tokens – 97% out of 28.9 million being sold off entirely – indicating little value or utility was seen in them by many investors who chose to liquidate as soon as possible instead of holding onto them for longer periods or trading them actively.
Biggest Holders Ditch Token
Data provided by CryptoQuant also reveals two wallets containing 9 million and 6 million ARKMs respectively have been completely emptied out since launch – suggesting even some larger holders are not confident in long-term gains and quick profits made after launch are enough incentive for them to divest from Arkham Intelligence altogether and take what profits they can while they still can .
Conclusion
The figures paint an overall grim picture for Arkham Intelligence’s future prospects as confidence in its potential takes an increasingly sharp dive with each passing day since launch despite initial hype surrounding it .