Tokens powering the BNB Chain and Solana blockchains have recently witnessed significant gains, outperforming many other major tokens in the cryptocurrency market. Notably, BNB (Binance Coin) surged by 6.7% as of 08:50 UTC, erasing its previous weekly losses. The catalyst behind this upward momentum was the announcement made by the popular cryptocurrency exchange Binance regarding the upcoming token sale of Arkham (ARKM). Binance specified that investors interested in participating in the ARKM token sale must hold BNB. As a result, traders and investors rushed to acquire BNB, leading to a surge in demand and subsequent price appreciation.
The ARKM token sale, hosted on the Binance’s native launchpad, has captured the attention of market participants who are interested in this. The sale is part of the development of Arkham Intel Exchange, a crypto data marketplace powered by Arkham Intelligence, a well-known blockchain intelligence platform. The marketplace, with its mission to “deanonymize the blockchain,” allows users to trade on-chain data. The allocation of ARKM tokens to users, based on the amount of BNB they have locked, is scheduled for July 18. To participate, users need to accumulate and lock BNB, creating additional incentives for BNB acquisition.
The announcement of the ARKM token sale created a wave of excitement and bullish sentiment around BNB. As a result, the trading volume of BNB surged to $1.2 billion within 24 hours, quadrupling the previous day’s volume, according to CoinGecko data. This surge in trading volume reflects the increased market activity and heightened interest in BNB, driven by the upcoming token sale. Additionally, several large holders of BNB deposited significant amounts of the token into Binance in preparation for the ARKM sale, further contributing to the overall trading volume.
In parallel, tokens built on the Solana blockchain also experienced a notable upswing in prices. This positive momentum can be attributed to the growth of the Solana-based decentralized finance (DeFi) ecosystem. Since the beginning of July, the Solana DeFi ecosystem has witnessed a substantial increase of approximately $25 million in locked value. This growth indicates the rising popularity and adoption of decentralized finance applications built on the Solana blockchain. The thriving ecosystem has attracted investors and users, leading to an increase in demand for Solana-based tokens.
While BNB and Solana tokens captured the spotlight with their remarkable performances, Bitcoin (BTC) maintained its position above the crucial $30,000 threshold. Despite the overall market volatility and mixed signals regarding market liquidity and trading volumes, Bitcoin displayed resilience. Glassnode data revealed an encouraging trend in terms of decentralization, with the number of wallets holding at least one bitcoin reaching an all-time high of 1,008,737 last week. This milestone highlights the growing adoption of Bitcoin and the increasing number of individuals participating in the Bitcoin network, contributing to its decentralization and overall network security.
In conclusion, the recent surge in tokens powering the BNB Chain and Solana blockchains has brought renewed excitement to the cryptocurrency market. The announcement of the ARKM token sale propelled the price of BNB and resulted in a surge in trading volume. Simultaneously, the Solana-based DeFi ecosystem witnessed significant growth, attracting investors and users to Solana-based tokens. Amidst these developments, Bitcoin maintained its position above $30,000, demonstrating its resilience and continued interest from investors. The cryptocurrency market remains dynamic and presents opportunities for traders and investors, with various tokens and projects shaping the landscape of the currency world.
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