Arkham Shifts $487M ARKM To Coinbase Prime, Here’s Why

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As a seasoned crypto investor with over a decade of experience, I’ve witnessed numerous significant events that have shaped the landscape of this burgeoning industry. The recent token transfer by Arkham Intelligence of nearly half a billion dollars worth of ARKM tokens to Coinbase Prime is one such event that has piqued my interest.

Arkham Intelligence recently carried out a significant token shift, transferring approximately $450 million worth of ARKM tokens to Coinbase Prime. This transaction, encompassing hundreds of millions of tokens and involving a large portion owned by the company’s CEO, has generated intrigue within the cryptocurrency world. The firm explains that compliance with regulations and fulfillment of tax liabilities are the primary motivations behind this transfer.

Arkham Token Transfer

Arkham Intelligence, a leading blockchain analysis firm, announced a major transaction in the cryptocurrency sector on July 18, 2024. The company transferred a total of 304.5 million ARKM tokens, worth around $487.24 million, from their vesting contract to Coinbase Prime. Notably, this transfer included 115.8 million ARKM tokens, or approximately $185.28 million, belonging to the CEO.

For tax and regulatory reasons, the firm announced that it’s essential to carry out this token transfer. This procedure entails retrieving ARKM tokens from current vesting contract smart wallets and shifting them to a transitional address prior to their ultimate relocation to Coinbase Custody accounts.

Coinbase Custody will oversee the ARKM vesting for the company’s employees according to the agreed arrangement. This setup is subject to regulatory compliance and transaction monitoring, ensuring adherence to a predetermined trading plan that unlocks the tokens in three-year intervals.

As a researcher, I’d like to point out that the ARKM token unlocking process for the team, investors, and advisors began on July 18, following a linear schedule. Each day, an estimated 324,200 ARKM tokens, equivalent to approximately $518,000, are released from this pool.

Market Impact & Future Outlook

Currently, Arkham’s price is at $1.61, having traded for a total of $50.2 million in the last 24 hours. This marks a 2.76% decrease from the price over the past day, but a significant 17.69% rise in value over the last week. The circulating supply consists of 240 million ARKM coins, resulting in a market capitalization of $390.2 million.

The noteworthy shift made by a prominent analytics firm in the blockchain sector has sparked great interest within the crypto community. In the coming days, market observers will closely monitor the impact of this transaction on ARKM’s token price and liquidity. Both investors and market analysts are eager to understand how this development might influence the token’s future performance and role in the larger cryptocurrency landscape.

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2024-07-20 22:05