The circumstances behind the “early bull market,” as some participants in the market prefer to refer to it, are still taking intriguing twists. This time, Binance [BNB] is the focus, and it has nothing to do with the exchange or its issues with the US Securities and Exchange Commission.
Instead, the announcement that Binance Labs, the exchange’s incubator division, has invested in Arkham [ARKM] came first. In contrast to the widely used Binance exchange, Binance Labs does not function as a platform for cryptocurrency trading.
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Rather, its goal is to make investments in blockchain businesses in their early stages.
Binance Support: Is It ARKM’s Time to Shine in the Spotlight?,Binance Support: Is It ARKM’s Time to Shine in the Spotlight?
Conversely, the native token of Arkham Intelligence is ARKM. The project is an on-chain intelligence platform that offers blockchain data transparency. It is important to know that Arkham debuted in July of 2023.
But after giving the ARKM token to a few of its early adopters, the group discovered that growing the number of holders was difficult. However, it appears that Binance is saving it. This was a result of the blog post that was published on November 15th.
Binance has justifications.
In the release, Binance said that Ultra was the primary factor in its decision to invest in ARKM. Arkham has its own Artificial Intelligence (AI) engine called Ultra. Users are able to monitor the money movement of many addresses using this capability.
According to information that AMBCrypto was able to get at the time of publication, Binance had withheld the precise cost of the tokens it purchased. However, the impact of the disclosure along with the optimistic AI narrative drove the ARKM token to unprecedented heights.
Our research team’s detailed examination of the price movement revealed that ARKM had gained 22.25% in the previous day.
AMBCrypto had previously noted increasing sell pressure on ARKM. However, it seems that the decline has levelled out as of late. In addition to the price movement, the disclosure made by the company could encourage retail market players to hold the token.
The market has not yet been won over.
But has it really been like this? Based on AMBCrypto’s analysis of Santiment’s on-chain data, it appears that market players are taking their time when making decisions. The quantity of token holders led to this conclusion.
The number of ARKM holders has only increased from 16,600 to 16,700 at the time of writing. This indicates that while the project is attracting attention from the market, many people are holding off on supporting it right now.
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The Social Dominance and Social Volume both demonstrated this rise in interest. An asset’s social volume is compared to the 100 biggest assets by market capitalization using the Social Dominance metric.
Right now, Arkham is ranked 343rd in terms of market capitalization. However, the development resulted in an increase in both measures. Some market participants could view ARKM as cheap because its market capitalization at the time of publication was less than $100 million.
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