Crypto

What Happened To ARKM? On-Chain Activity Plummets 99% In Less Than 2 Weeks

CryptoQuant information reveals a considerable drop in on-chain activity for ARKM, the native token of the Arkham Intelligence platform, after its current airdrop. Active addresses have actually reduced by 99% since July 30, leading to a 98% decrease in deal volumes.

ARKM addresses and deal volumes | CryptoQuant

The ARKM Airdrop: Details

The fast decrease in on-chain activity is less than 2 weeks after the extremely advertised Arkham Intelligence’s airdrop from July 18. The airdrop was implied to incentivize early fans of Arkham Intelligence, with qualified users getting ARKM tokens. Arkham Intelligence is a blockchain analytics platform. 

ARKM price on July 30| Source: ARKMUSDT on Binance, TradingView
ARKM cost on July 30 | Source: ARKMUSDT on Binance, TradingView

Arkham Intelligence stated ARKM is a utility and governance token serving numerous functions, consisting of helping with trading of crypto intelligence information, voting on crucial advancement propositions, and dispersing benefits. The token was minted certified with the ERC-20 requirement on Ethereum, implying it might be moved to exchanges and external addresses.

To receive the airdrop, users need to have been on the Arkham Private Beta waitlist or took part in the Arkham Bounty Program. The variety of tokens assigned to each user throughout the airdrop was based upon their activity on the Arkham platform. At completion of the airdrop, on-chain information assembled by CryptoQuant exposes that 63,700 addresses got ARKM.

Most Holders Sold, Active Addresses Down 99%

The goal of the airdrop was to raise awareness about Arkham and broaden its user base. Most of those who got approved for the airdrop got less than 200 ARKM. Only 5 addresses got more than 100,000 ARKM.

ARKM Airdrop Distribution
ARKM airdrop circulation | CryptoQuant

Looking at what taken place after the airdrop, Arkham might need to double down to restore activity. Data reveals that out of the 63.7K wallets that got the airdrop, 95% selected to offer their tokens, with 80% of receivers liquidating their whole holdings.

Extrapolating from CryptoQuant information, this implies 97% of the 28.9 million airdropped were offered, with 80% of those tokens completely liquidated for money or other liquid cryptocurrencies. One wallet holder, “0xf0,” who got 24,900 ARKM, offered all for a minimum of 83 ETH.

After the airdrop and with more headwinds due to enormous liquidations, ARKM rates fell, and the token is now trading at $0.553. As of July 30, the job’s market capitalization is roughly $83 million from a flowing supply of 150 million tokens. CryptoQuant information likewise exposes that 47 active addresses, below 50,500 on July 18, was accountable for moving 3.6 million tokens since July 27. 

Feature image from Canva, chart from TradingView

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