Detailed review of ARKM's performance post-airdrop, focusing on plummeting on-chain activities and holder behavior.
- Post-airdrop, ARKM's on-chain activity sees a significant decrease, raising concerns.
- Most airdropped ARKM holders quickly sold off their tokens.
- The largest airdropped recipients sold the majority of tokens, contributing to market fluctuation.
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.
Read full article at CryptoTale.