- Arkham crypto price has dropped sharply in the past few days.
- The ecosystem has an important utility, which could push the token higher.
Arkham price has drifted downwards in the past few days as the recent momentum faded and as investors waited for the upcoming interest rate decision by the Federal Reserve. The ARKM token retreated to $0.50 on Wednesday, lower than its all-time high of $0.8876.
What is Arkham?
Arkham is a new blockchain project that seeks to solve a major problem that has existed in the industry for a while. It is a platform that uses Artificial Intelligence (AI) and other advanced technologies to deanonymize the crypto industry.
The concept behind this is simple. Since blockchain transactions are unprocessed and anonymous, it is often not possible to use it well. As such, the platform uses Ultra, a platform that gives users a clear picture about transactions in a network.
The platform also runs Arkham Intel Exchange, a platform where people can sell and buy data in the market. One of its most recent breakthroughs is the revelation of holdings by Do Kwon, the founder of Terraform Labs, a company whose stablecoin collapsed leading to over $40 billion in losses.
The dashboard shows that Terraform Labs holds cryptocurrencies worth over $161 million. Most of these coins are in Bitcoin, Ethereum, CVX, USDT,a nd Binance USD. At its peak, data by Arkham shows that Terraform Labs had almost $1 billion in assets.
A separate report in Arkham shows that Justin Sun, the head of Tron holds over $1.1 billion in cryptocurrencies. Most of these coins are STETH, USDD, Tron (TRX), BTT, and Ethereum.
Therefore, I believe that Arkham is serving an important role in the blockchain industry, which gives it a long runway for growth. This explains why well-known inventors, including a co-founder of OpenAI, Palantir co-founder, and Tim Draper.
Arkham price prediction
Arkham is a relatively new token with limited data. As such, it is not possible to conduct a good technical analysis for now since it is in its price discovery phase. On the 30-minute chart, the token moved below the important level at $0.5602, the lowest point on July 20th.
The token is also oscillating at the 25-period moving average while the volume has continued falling. Therefore, I believe that the token will bounce back in the next few days as investors buy the dip. If this happens, the next level to watch will be at $0.5602, which is ~10% above the current level.
