Although the cryptocurrency ecosystem is slowly beginning to revive, several leading cryptocurrencies, like Binance Coin (BNB), are making every effort to follow the trend. According to statistics from CoinMarketCap, the price of Binance Coin, the native token of the Binance exchange, is currently $242.53, an increase of 3.17% over the previous 24 hours.
Every time Binance Coin rises, it is a sign that the market is experiencing an unusually high level of favourable emotion towards the exchange. As a result, the news of the Arkham Intelligence token’s launchpad listing may have served as the catalyst for the recent sell-off.
Arkham Intelligence, in contrast to other tokens offered by Binance exchange on the launchpad, has already established a reputation in the cryptocurrency community as an analytics platform and detective, assisting in the discovery of fraud and theft in the sector.
Retail traders and industry heavyweights have expressed a lot of interest in the anticipated listing as a consequence. According to information provided by Lookonchain, a group of three whales have been carefully planning their participation in the launchpad’s operations by borrowing a total of almost $4 million to amass ARKM tokens.
Upside for BNB
The aggregate balances of Binance users will be tracked throughout a six-day period in Binance’s model for the launchpad campaign, following which the eligibility of users will be profiled. Every time an ARKM sell occurs, a large number of Binance users build up their BNB holdings.
Due to the strong accumulation of the trading platform’s token, which has millions of users, the 24-hour trading volume of the platform’s token has increased by as much as 114% to more than $644 million. Since it was designated an investment contract by the U.S. SEC, along with Cardano (ADA) and other tokens, this ARKM launchpad integration and token sales may be BNB’s route to recovery.
