Binance witnessed a significant BNB deposit in the past 12 hours following the news of the Arkham token sale. The daily trading volume of BNB experienced a staggering 180% increase, reaching $895 million.
Lookonchain, a blockchain analytics firm, reported a significant BNB transfer on Binance within the last 12 hours. An unidentified whale transferred approximately 141,835 BNB, valued at $35.1 million, to four prominent Binance deposit addresses.
A giant whale deposited 141,835 $BNB ($35M) to #Binance 3 hrs ago through 4 Binance deposit addresses.
The whale may participate in the Arkham (ARKM) token sale.
Due to the purchase cap of 300K $ARKM, the whale deposited $BNB to 4 Binance accounts in order to buy more $ARKM. pic.twitter.com/9hlSCPLlKj
— Lookonchain (@lookonchain) July 11, 2023
The upcoming Arkham token sale on Binance Launchpad is believed to be the primary catalyst behind the observed whale activity. This event has led to a remarkable 180% surge in the daily trading volume of BNB within the past 24 hours.
BNB Surges in Anticipation of Arkham (ARKM) Token Sale:
Binance recently unveiled its 32nd Initial Exchange Offering (IEO) on its native launchpad, featuring the Arkham (ARKM) token sale. ARKM will serve as the native token for Arkham Intel Exchange, a crypto data marketplace powered by Arkham Intelligence, a well-known blockchain intelligence platform. The marketplace aims to “deanonymize the blockchain” and offers users the ability to trade on-chain data.
On July 18, the distribution of ARKM tokens to users will be determined based on the amount of BNB they have locked. To participate in this process, users are required to accumulate and lock Binance Coin (BNB).
BNB Weekly Price Chart (Source: CoinMarketCap)
BNB Price Surges Following Speculative IEO
Following the recent IEO, the price of BNB has experienced a bullish rally in the past 24 hours. On Binance, the BNB/USDT trading pair saw a 7% increase, rising from $231 to $248 at the time of writing. The current trading price of BNB stands at $248.12, with a 24-hour trading volume of $895,672,635.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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