ARKM Token Launch Increases Buying Pressure on BNB

2023-7-10 14:45

Binance has announced the launch of ARKM, the new token from an on-chain forensics firm Arkham Intelligence, on the Binance Launchpad, causing its native BNB to rise 3.6% in the last 24 hours,

The ARKM project’s web page will be live in about four hours, Binance said.

ARKM Announcement Spikes BNB 3.6%

The tokens will be capped at $2.5 million, while each user may only buy a maximum of $15,000 worth.

Buyers must lock BNB before the token launch to participate. These BNB balances will not be available for other trading activities until Arkham and Binance distribute the assets. The token will have a circulating supply of 1,000,000,000. Blockchain intelligence firm Arkham is behind the launch of ARKM.

Binance allocates new tokens in proportion based on a user’s share of the BNB committed by all users. The hard cap places a ceiling on that share.

Previous projects that used Binance’s Launchpad include the move-to-earn application STEPN and fan token projects for football team FC Porto and racing team Alpine F1.

Shortly after the ARKM launch announcement, buying pressure for BNB spiked the coin’s price 3.6% to $243.

ARKM Launch Spikes BNB 3.6% | Source: CoinGecko

The coin dipped below $300 after the US Securities and Exchange Commission sued Binance for mishandling customer funds and deceiving regulators.

In addition, open interest in BNB perpetual futures contracts rose $20 million.

Arkham’s Bounty Marketplace Decentralizes on-Chain Forensics

Coinciding with the ARKM announcement is the launch of Arkham’s new decentralized on-chain forensics service.

The platform helps on-chain detectives monetize their investigations by receiving a bounty for requested information. Any blockchain data the sleuth unearths becomes the requester’s property for 90 days. Victims of an exploit can club together to find out who stole their crypto, while companies can gain exclusive access to on-chain forensics about their own hacks before their competitors.

Find out here where to buy BNB.

Several firms, including PeckShield and Lookonchain, already examine blockchain data for notable fund movements.

Last year, crypto sleuth ZachXBT uncovered the on-chain activity of crypto influencer Lark Davis and traced the fund flows in major decentralized finance exploits.

Got something to say about ARKM’s BNB-linked launch or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

The post ARKM Token Launch Increases Buying Pressure on BNB appeared first on BeInCrypto.

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