ARKM Token Airdrop Madness: Nearly 60,000 Addresses Claim Millions

In the recent Arkham (CRYPTO: ARKM) token airdrop, approximately 59,700 addresses claimed a total of around 27.9 million tokens.

About 49,656 addresses received 197 ARKM tokens each, 4,240 addresses received between 198 and 790 ARKM tokens, and 5,786 addresses received between 791 and 249,353 ARKM tokens, according to an analysis by Martin Lee, a data journalist at Nansen.ai.

The top 2,000 addresses received a total of 10.4 million tokens, accounting for 37% of the total tokens distributed.

Lee's analysis also highlighted two notable recipients of the airdrop.

The third-largest recipient of ARKM was an address associated with the ENS name thorhartvigsen.eth. This address transferred out its ENS name shortly after claiming the ARKM tokens. The address then made a test transaction to Binance (CRYPTO: BNB) by sending the full amount of ARKM tokens and received back 137,000 Tether (CRYPTO: USDT).

Another interesting recipient was the address associated with the ENS name onedayiwannaownapudgypenguin.eth, which was the 44th largest recipient.

Also Read: Crypto Whale Watch: $116M In Ether Acquired In ICO Gets Moved To Kraken Exchange

This address sent 12,000 ARKM to MEXC, swapped the remaining 14.5K ARKM for ETH, transferred it all to Kraken and then withdrew a small amount to purchase a Pudgy Penguin NFT.

The analysis also revealed most of the top recipients have sent most, if not all, of their tokens to an exchange, indicating a trend of selling the airdropped ARKM tokens.

Lee concluded his analysis by stating the data clearly showed the top recipients made a significant amount of money from the airdrop and appear to have little interest in holding onto their tokens at this point in time. 

Read Next: U.S. Congressman Ritchie Torres Challenges SEC's Crypto Onslaught

Join Benzinga's Future of Crypto in New York City on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock